REBATES
RECs (Renewable Energy Certificates)
RECs are a tradeable instrument created by the Australian government to assist people who wish to do the right thing by the environment by installing renewable energy. The value of RECs fluctuates depending on market forces and the number of RECs earned depends on system size. They can be worth thousands of dollars depending on system size and REC market value and are normally offered as an up-front discount on the purchase of the equipment.
http://www.orer.gov.au/sgu/index.htm
FIT (Feed In Tariff)
Most Australian States have a Feed In Tariff which means that the local electricity retailer pays a premium for renewable energy fed in to the grid. The NSW Government has introduced a FIT to begin on Jan. 1, 2010. They will pay $0.60/KWH fed into the grid from wind or solar, which is about 4 times the rate they currently charge you for their electricity.
http://www.industry.nsw.gov.au/energy/sustainable/renewable/solar/solar-scheme
Soma Wind Generator
The Soma Wind Generators are eligible for rebates under the REC (Renewable Energy Credit) Scheme. Your Soma distributor will complete the paperwork for you. In short a Soma 1000 is eligible for 47 RECs (5xScheme) or 9 RECs (1xscheme). The Soma 400 is eligible for 19 RECs (5xScheme) or 3 RECs (1xSceme).
Schools
Every school in Australia is eligible for a non competitive $50,000 grant from the Australian Government for use on renewable energy and and other environmental measures. Soma Power can assist with the pricing, application preparatation and installation of a solar power or wind power system to satisfy this grant, all with no cost to the school.
http://www.environment.gov.au/settlements/renewable/nationalsolarschools/
Home owners
Every homeowner is eligible for a REC (Renewable Energy Certificate) rebate for installing solar or wind power. This rebate is normally offered as an up-front discount on the purchase price of the system. As of Jan 1 2010, a generous Feed In Tarrif will also apply in NSW (see below). Off grid stand-alone systems are also eligible for the same REC rebate as on grid systems.
Businesses
Businesses can also take advantage of the REC rebate on renewable energy. Additionally, they can also claim a 50% tax deduction on a renewable energy system installed by the end of 2009, with the normal depreciation schedules also applying to the full value of the system. As for home-owners, businesses are also eligible for the NSW Feed In Tarriff.
Tax incentives!
Claim a tax deduction of up to 50% on a solar power system installed on your business premises under The Small Business and General Business Tax Break legislation.
Small business entities (turnover of less than $2 million a year):
An additional tax deduction of 50 per cent of the cost (after rebates and RECs) of a solar power system purchased between 13 December 2008 and 31 December 2009; and installed on or before 30 June 2010. Small businesses will be also able to depreciate 100% of the cost of the system over the life of the system.
Other business entities (turnover of $2 million or more a year):
An additional tax deduction of 30 per cent of the cost (after rebates and RECs) of a solar power system purchased between 13 December 2008 and 31 December 2009; and installed on or before 30 June 2010. The capital deduction for medium and large businesses will decrease from 30% to 10% from 1 July 2009 and 31 December 2009. Medium and large businesses will be also able to depreciate 100% of the cost of the system over the life of the system.
Important: Please contact the ATO or your accountant to confirm your eligibility.
Green Building Fund
The Australian Federal Government's Green Building Fund program provides grants through two streams of activity.
Stream A supports owners of existing commercial buildings to reduce their energy consumption. Grants ranging from $50,000 to $500,000 are available, for up to 50% of project costs, including eligible solar power projects. Round 5 is open until 12 January 2010 and Round 6 open until 27 April 2010.
Stream B: targets relevant industry associations. It will provide a limited number of grants to develop the knowledge, skills or capability of those involved in the operation of commercial office buildings, to improve energy efficiency and reduce emissions. Grants of up to $200,000 are available, for up to 50% of project costs. Round 2 open until 12 January 2010.
The Green Building Fund supports renewable energy technology where the project results in significant reductions in energy consumed from external energy suppliers. For example, where the installation of solar panels on a commercial office building significantly reduces the electricity and/or gas purchased and used by the building for base building services.
Solar power for community buildings and churches
Community Buildings and Churches are also eligible for the REC rebates and Feed In Tariff described above
