The Minister for Climate Change and Energy Efficiency, Greg Combet today announced amendments to Solar Credits that will ensure that households continue to contribute to the cost of installing solar systems and pressure on electricity prices is eased.
Under the Solar Credits amendments, support for household solar installations will begin to be phased out a year earlier than previously planned. This follows extensive industry consultation with the clean energy sector and energy utilities on draft regulations targeted at ensuring that solar systems are not provided for little or no out-of-pocket expense.
Mr Combet said the Solar Credits multiplier would be reduced from 1 July 2011 in recognition of significant reductions in the cost of solar panels.
As a result, the phase out of the Solar Credits multiplier will be brought forward by one year, from:
- 5 to 4 on 1 July 2011;
- 4 to 3 on 1 July 2012;
- 3 to 2 on 1 July 2013; and,
- 2 to 1 from 1 July 2014.