Greg Combet, the Minister for Climate Change, announced amendments to Solar Credits on Thursday 5th May, 2011. Under the new scheme, the Federal Government will reduce their support for household solar by decreasing the Solar Credits multiplier from five times to three times for products installed from 1 July, 2011.
The reduction of the Solar Credits multiplier to three times instead of four times (as originally announced in December 2010) accelerates the phase-out of the Solar Credits scheme. The new Solar Credits multiplier will still provide households with upfront support equivalent to about a third of out-of-pocket expenses for a typical 1.5kW system.
True Value Solar advice to customers:
- We believe that the Federal Government announcement to reduce the Solar Credits multiplier should not deter consumers from switching to solar energy.
- While this change will increase the upfront cost, the installation a solar PV system is still a great way for Australian’s to reduce their power bill and is a worthwhile investment in future power needs.
- We suggest that if you have a roof that has optimum positioning, it is worth installing the largest system that you can fit and afford, as this will maximise your returns.
- Choose a leading installation company.
For more information about the latest amendments to Solar Credits
please go to http://orer.gov.au/new.html#scred