Rebates and IncentivesSide-pitch

To reduce Australian greenhouse gas emissions the Australian government has enabled a selection of rebates or incentives for consumers. These rebates can provide significant financial incentives for purchasing a sustainable hot water system.  Rebates are eligible to households when a solar or heat pump hot water system is installed to replace an existing gas storage system or electric hot water system.

There are two incentives available to Victorians replacing an existing hot water system with a solar hot water system. Each incentive has varying eligibility requirements:

They are:

SSP_bullet Small-scale Technology Certificates (STCs)
Victorian Energy Efficiency Certificates (VEECs) 


STCs (Small-scale Technology Certificates) – formerly known as RECs (Renewable Energy Certificates)

A Small-scale Technology Certificate represents the equivalent of one megawatt hour of electricity generation from an accredited renewable energy source. Every solar and heat pump water heater has been assigned an STC value based on how much non renewable energy you displace using a solar/heat pump hot water system.

The federal government implemented this incentive with the intent to increase the amount of electricity generated by renewable sources.

Each STC is assigned a monetary value. STCs can be traded, purchased or sold. The STCs are based on the efficiency of the system. The more STCs the more efficient the system is deemed to be.

The number of certificates you can claim may vary depending on your geographic location, what you’re installing and/or the size and capacity of the installed system.

Solar Hot Water STC Calculator:

Victorian Energy Saver Incentive (VEET)

There is only one incentive now available to Victorians since the Victorian government solar hot water rebate closed on 31 May 2013.

Promoted as the Energy Saver Incentive, the Victorian Energy Efficiency Target (VEET) is a scheme which aims to encourage the uptake of energy efficient technology in residential premises. When approved energy efficiency technologies are installed, Victorian Energy Efficiency Certificates (VEECs) are created. Large electricity and gas retailers then have a legal liability to acquire these VEECs from those who created them. VEECs are a traded item and therefore the value of VEECs will fluctuate over time.

Below is a summary of the rebates available in Victoria and their eligibility criteria:

Federal Rebate (discontinued as of 28 February 2012)

The Renewable Energy Bonus Scheme—Solar Hot Water Rebate (REBS) assisted households to save money on power bills and reduce their carbon emissions.

REBS was available to help eligible home-owners, landlords or tenants to replace electric storage hot water systems with solar or heat pump hot water systems. Under REBS, eligible households could claim a rebate of $1000 for a solar hot water system or $600 for a heat pump hot water system.

REBS replaced the former Solar Hot Water Rebate Program which was discontinued as of close of business 19 February 2010. REBS was also discontinued as of close of business 28 February 2012.

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