GB ENVIRONMENTAL TRADING PTY LTD TERMS & CONDITIONS FOR STCs & VEECs
1. Defined Terms:
“GBT” means GB Environmental Trading Pty Ltd
“Assignment Form” means the assignment by the System Owner to GBT of the right to create STCs and/or VEECs in respect of the System installed by the Installer;
“Installer” means the person/company/entity that installs the System at the premises of the System Owner;
“Installer Agreement” means the separate agreement that an installer of Systems executes with GBT for the creation and payment of STCs by GBT and/or VEECs by GBT;
“Our” means GBT;
“Regulator” means the Clean Energy Regulator in respect of the RET and/or the Victorian Essential Services Commission in respect of the VEET;
“RET” means the renewable energy target under the Renewable Energy (Electricity) Act 2000 and associated regulations;
“STCs” means small-scale technology certificates under the Renewable Energy (Electricity) Act 2000 (Cth) and associated regulations;
“System” means an eligible small-scale renewable energy system under the RET or an eligible installation under the VEET;
“System Owner” means the person/company/entity that is the owner of the System installed (or to be installed) by the Installer wishing to assign (or has assigned) their STCs and/or VEECs to GBT or the Installer;
“Us” means GBT;
“VEECs” means Victorian Energy Efficiency Certificates for eligible installations under the VEET;
“VEET” means the Victorian Energy Efficiency Target under the Victorian Energy Efficiency Target Act 2007 (Vic);
“You” means the customer of GB Environmental Trading Pty Ltd (GBT) whether you are an Installer or System Owner;
If you are an Installer and/or System Owner, you represent and warrant that your Installer Agreement and Assignment Form with GBT take precedence over these terms and conditions.
3. Core Terms and Conditions
- Acknowledgments, Representations & Warranties:
You acknowledge, represent and warrant:
(a) that You have not previously assigned or created any STCs/VEECs for the System within the deeming period, if relevant.
(b) that once STCs/VEECs are uploaded into the registry You cannot withdraw Your assignment.
(c) that STCs/VEECs are a commodity like shares and are subject to supply and demand pressures, which may affect the price You receive.
(d) that GBT cannot be held liable for forms that have not been received by Us. If You are faxing Your forms in, please print off a fax communications report at the end of Your transmission to verify the number of pages actually sent.
(e) that You will have to repay the amount of the STC/VEEC payment to GBT should Your Assignment Form be invalid or if GBT is unable to create the STCs/VEECs with the Regulator.
(f) For 6 years beyond the period You have assigned the right to create STCs/VEECs, You must retain proof of your purchase of the System and proof of its installation including the installation date, and make that information available to GBT or to the Regulator on request.
(g) Provide additional audit and other information required by the Regulator within the two-week or other time frame under the RET/VEET if requested by GBT.
(h) the Installer must not pre date or pre sign any Assignment Forms before the installation has occurred.
(i) GBT has the right to refuse or return any Assignment Forms at any time.
(j) STC/VEEC claims must be received by Us within 11 months of installation to allow GBT processing time. Please contact GBT on the day of submission to ensure Your application has sufficient processing time.
(k) GBT reserves the right to update/amend these terms and conditions and the Installer Agreement at any time. Current terms & conditions are available at www.green-bank.com.au or will be made available upon written request.
(l) Your applications must be submitted on Our current form. Please check our website www.green-bank.com.au to ensure You are using the most recent form.
4. Payment Terms
4.1 Acknowledgments, representations and warranties
You acknowledge, represent and warrant:
(a) At regular intervals GBT sets the price we are willing to pay for STCs/VEECs and informs our network of installers and other suppliers of that price. For each STC/VEEC GBT are assigned the right to create, GBT will pay the price prevailing at the time we upload the details of your System into the registry.
(b) If GBT needs to verify any information and the price changes by the time the information is received, we will pay the lower price.
(c) For Assignment Forms where GBT is paying the System Owner or other third-party payee, payment for these STCs/VEECs will be made upon approval from the regulator. This policy is in place to prevent issues arising in circumstances where STCs/VEECs have been paid for but cannot be properly created for any reason.
(d) GBT is offering a next business day payment for STCs submitted by account holders using Formtrack, our online STC management system and for all paper submissions with complete and correct forms. Forms that have missing information, incomplete or non-compliant with the current regulations may incur a delay in payment.
(e) A 3-5 business day payment turnaround time frame for VEECs is applicable for complete and correct forms. Forms that have missing information, incomplete or non-compliant with the current regulations may incur a delay in payment.
(f) All VEEC lighting claims will be paid upon approval from the Essential Services Commission.
(g) Account holding options available to customers that regularly trade with Greenbank and at Greenbank’s discretion.
(h) GBT will make every effort to ensure that payment terms are maintained or improved, however we reserve the right to modify our terms if required.
5. Carbon Projects – Emissions Reduction Fund
- GBT is an accredited party under Emissions Reduction Fund (ERF) pursuant to the Carbon Credits (Carbon Farming Initiative) 2011 (Cth) and holds a valid Australian Financial Services Licence to advice, trade and offer pricing for Australian Carbon Credit Units (ACCUs).
- GBT offers a range of services to parties wishing to participate in the ERF, such as:
- be the “participant/project proponent” for such projects on behalf of the original site owner (i.e. you assign to us the legal right to carry out the project and we contract with the clean energy regulator); or
- be the original site owner’s “agent” (the site owner retains the legal right to carry out the project and contracts with the clean energy regulator); or
- be the original site owner’s advisors (we provide legal, financial product and market advise to our clients).
- We offer pricing for the above services on a project by project basis.
6. Large-Scale Generation Projects
- GBT is a responsible person under the RET and eligible to create Large-Scale Generation Certificates (LGCs).
- We offer the following services to developers of large-scale generation projects (in excess of 100Kw), such as:
- Being co-operator/owner of the facility and taking responsibility for creating LGCs;
- Being the developers agent for the purpose of creating LGC and complying with the RET;
- Being the developers advisors in respect of the RET.
- We offer pricing on the above services on a project by project basis.
POWER POINTS REWARDS CLUB CORE TERMS AND CONDITIONS
GB Environmental Trading Pty Ltd (GBT) now offers a loyalty scheme (Power Points Rewards Club) to our valued corporate customers (You) that assigns Small-scale Technology Certificates (STCs) to GBT.
In order for You to participate, You will need to have or apply for a GBT Formtrack account. GBT will issue You with one Power Point (Point) for each STC successfully uploaded onto the Clean Energy Regulator REC Registry.
Points earned by You under the Power Points Rewards Club scheme will be uploaded onto your Formtrack account.
Each Point will have a cash value.
You may redeem your Points via a generic debit card issued to You by GBT (Reward Card). The minimum value of a Reward Card is $50 up to an approved maximum amount.
No interest is payable on the Points.
At the end of 24 months, you must redeem your Points for cash via a Reward Card.
GBT may expand the Power Points Rewards Club scheme in the future to allow You to redeem Your Points for selected goods and services.
You must be a company registered in Australia and not an individual. However, You may appoint an Authorised Representative to manage Your company account.
GBT will issue a Membership Card to You following registration by You as a GBT customer.
If You don’t use GBT to create STCs in a continuous 12 month period, Your Points will expire. We will notify you prior to this being triggered.
Membership is not transferable and can be amended and/or cancelled by GBT as provided in the detailed T&Cs on GBT’s website.
By applying for a Reward Card, you automatically confirm acceptance of these T&Cs