Federal Member for Chifley, Roger Price has welcomed the Government’s 20 per cent Renewable Energy Target and new “Solar Credits” as part of Australia’s move to a low pollution future.
“The Renewable Energy Target (RET) will ensure 20 per cent of Australia’s electricity is sourced from renewable energy by 2020, helping us build a low-pollution economy, and creating job opportunities in the future” Mr. Price said.
The Solar Credits will provide an incentive for people to install micro-generation units, primarily household solar photovoltaic (PV) systems.
The Solar Credits will allow owners of solar panels to earn five credits (called Renewable Energy Certificates, or RECs) for each mega-watt hour of solar energy produced by their solar panels. These RECs will act as an upfront capital cost subsidy worth around $7,500 for purchasers of solar PV systems.
“The Solar Credits will help households, small businesses and community groups receive assistance with the up-front cost of purchasing new solar systems in the future”.
“More Australian households will have the opportunity to go solar, and the industry will achieve a strong footing for long-term growth”.
Under the new arrangements, Solar Credit would provide multiple RECs for new micro-generation systems – primarily solar panels – up to 1.5 kilowatts.
The credits would assist with up-front costs, providing a multiple of five times the value of RECs from the next financial year, and would phase down to 2015-16.
The entire $500 million Renewable Energy Fund would be brought forward invest in cutting edge renewable energy projects over the next 18 months.
COAG has agreed to consider the final RET scheme design at its first meeting in 2009.
“Legislation to implement the RET scheme will be in place by mid-2009 to ensure that the new, increased annual target will commence from 2010” Mr. Price concluded.
For more information, call Ron de la Cuadra at 0417 416 144.
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