METRO Solar explains what solar RECs are and how you can maximise your return when choosing to switch to solar.

Solar RECs - what it means
Renewable Energy Certificates (RECs) is a term that many would have heard about - especially when you start looking at getting solar systems put on your home. RECs are available when qualifying solar hot water, solar/wind power systems or solar panels are purchased. These can be used to receive cash back on the purchases or as an immediate discount on the solar system’s price.

RECS as a currency
RECs can be traded for cash - like shares in the stock market. The value of RECs fluctuates depending on the market’s conditions. Consumers can sell their RECs directly but this is usually time consuming and can be quite a confusing process! The easiest way is to sell your RECs to an agent, such as Metro Solar when you purchase a solar system from them - this means you’ll receive a discount on your solar system’s price!

Solar Credits scheme
The Solar Credits scheme was introduced by the Australian government to encourage people to use renewable energy rather than relying on non-renewable energy from fossil-based fuels. RECs currently receive a 5x multiplier (which applies to the first 1.5kW of your installed system) for systems installed by 30 June 2011.

The Australian government announced in May that solar systems installed from 1 July 2011 will only receive a 3x multiplier for their RECs. This means that the price of installing solar systems will increase on 1 July 2011. You will still receive a substantial discount via government rebate if you install solar after this date.

Once you’ve installed solar panels on your home, you start benefiting immediately from the savings made on your electricity bill. These savings will continue long after you’ve paid off your solar system installation.

The sooner you switch to solar, the faster you can start saving money off your electricity bill.

Click here to request a quote for your home and find out how you can benefit from solar.