Clean Energy Regulator Increases Solar Targets
Posted: 03 Nov 2012
The Clean Energy Regulator has released its initial estimates for 2013 and 2014 renewable targets for small scale renewable energy systems here, increasing their original estimate from December 2011.
In 2013 there will be an estimated 34.46 million small scale technology certificates required which accounts for 15.99 million surplus from last financial year and 18.46 million new certificates. For 2013-2014 the target is 14.49 million, which will require retailers to impose an estimated 2 to 3.5% to final electricity prices.
Small scale technology certificates (STCs) create a financial incentive for home owners to install solar PV, solar hot water, and other small scale renewable energy systems. Entities covered under the Renewable Energy (Electricity) Act 2000 then have the legal requirement to buy these STCs and surrender them quarterly. The scheme encourages renewable energy generation and reduction of greenhouse gas emissions.
These figures are higher than previous estimates, however, are in line with market expectations. It becomes difficult to estimate the solar PV market and the rapid changes that can occur.
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