Senator Kate Lundy has welcomed the release of details on the Government’s 20 per cent Renewable Energy Target (RET) and new ‘Solar Credits’ as part of Australia’s move to a low pollution future.
Draft legislation to deliver the RET was released yesterday, following on from the release of the Carbon Pollution Reduction Scheme White Paper on Monday. While the Carbon Pollution Reduction Scheme will help bring renewable energy technologies into the market over time, this new policy will dramatically accelerate their use.
“The RET will ensure 20 per cent of Australia’s electricity is sourced from renewables by 2020, helping us build the low-pollution economy and jobs for the future and driving investment in renewable technologies like wind, solar and geothermal energy ” Senator Lundy said.
The legislation includes new Solar Credits that will provide powerful incentives for people to install micro-generation units, primarily household solar photovoltaic (PV) systems.
The Solar Credits work by allowing 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 which will not be means tested and worth around $7,500 for purchasers of solar PV systems.
“Canberran’s want to do their bit to take action on climate change. These new Solar Credits will help households, small businesses and community groups get assistance with the up-front cost of first-time new solar systems into the future.
The ACT’s Feed In Tariff (FIT) scheme, which begins in March 2009, will enable Canberran’s to feed their excess electrical energy output from their solar systems into the grid. When combined with this new Federal initiative, the FIT scheme will provide more Canberra households with the opportunity to go solar, and the industry with a strong footing for long-term growth’, Senator Lundy added.
The draft Renewable Energy (Electricity) (Amendment) Bill 2008 and supporting regulations are available on the Department of Climate Change website at: www.climatechange.gov.au
Should Canberran’s wish to comment on the draft legislation, those comments may be sent to the Director, Renewable Electricity Markets, Department of Climate Change, GPO Box 854, Canberra, ACT, 2601 by 13 February 2009
Contact: Rachel Allen 6277 3334 or 0418 488 295
