Greenbank Environmental - Experts in Environmental Trading. Come direct for your Solar Credits - 03 9845 3000

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REC price

STCs $28
VEECs $19
Prices effective until COB 23/02/2012
STCs - Installations from 1st January 2011

REC Calculators

Home RECs Calculator/REC Price
RECs Calculator and Prices - Calculate PV RECs & SWH RECs - REC Price

What is a REC (or LGC, STC)?

When you install solar power, solar water heating and other renewable energy technologies you are helping to reduce greenhouse gas emissions.  This entitles you to create environmental credits called Renewable Energy Certificates or RECs for short.  These credits are a commodity and tradeable like shares on the Australian Stock Exchange.  Like other commodities the price of RECs is not fixed and varies with supply and demand.  1 REC equals 1MWh of generation from a renewable source and is part of the Mandatory Renewable Energy Target which is an industry development mechanism created by government in 2001.

As of the 1st of January, the government has split the Renewable Energy Target (RET) into two parts the Large Scale Renewable Target (LRET) and the Small-scale Technologies Scheme (SRES).

Large-scale generation certificates (LGCs)

Large-scale generation certificates (LGCs) are an electronic form of currency created on the REC Registry by renewable energy power stations. A LGC is equivalent to:

  • 1 MWh of eligible renewable electricity generated above the power station baseline Properly created LGCs are validated by ORER and are able to be transferred between eligible parties and liable parties for a negotiated price. Payment is arranged outside the REC Registry.

    • LGCs are surrendered:

  • annually to demonstrate liability compliance against the requirements of the LRET;
  • voluntarily for any reason throughout the year; or
  • for non compliance (such as under the relevant enforceable undertaking sections of the of the Act) throughout the year.

Small-scale technology certificates (STCs)

Small-scale technology certificates (STCs) are created by eligible installations of solar water heaters, air source heat pump water heaters and small generation units (small-scale solar photovoltaic panels, wind and hydro electricity systems). A STC is generally equivalent to:

  • 1 MWh of renewable electricity deemed to be generated by small generation units unless the Solar Credits multiplier applies; or
  • 1 MWh of electricity deemed to be displaced by the installation of solar water heaters.

LRET-SRES-the basics 200111.pdf

Some renewable energy systems include:

  • photo-voltaic or solar systems
  • wind systems
  • solar water heaters
  • heat pumps

Greenbank Environmental is the largest independent REC agent and emissions trader in Australia where we register all brands and system models.

If you have any questions regarding the calculators or RECs in general, please call us on (03) 9845 3000. 
 

Solar Water Heating or Heat Pump Renewable Energy Certificates

How many solar water heating or heat pump RECs can I create?

The water heating REC creation is a little different to the PV RECs.

  • All water heaters are tested for efficiency and their REC value is calculated through the Office of the Renewable Energy Regulator. The numbers of RECs that can be created also relies on the location of the unit and what zone it falls into.
  • The savings or the deemed output of a water heater is calculated over 10 years. This means there is only ever one single REC creation.

Your retailer is able to provide you with these details or you can give our customer service operators at our Data Centre a call on (03) 9845 3000.

We have provided a Solar Water Heating or Heat Pump calculator below.

If you would like to calculate how many RECs your Solar Water Heating or Heat Pump will create, we have provided a calculator below. Simply select a brand and model from the drop down list and enter the postcode where the system is installed.

Solar Water Heating or Heat Pump REC Calculator

Number of eligible certificates may vary from that shown depending on the installation date.

Please consider all calculations as estimates only.
To verify REC calculations contact us directly. Thank you.


Solar Power Renewable Energy Certificates

How many PV RECs can I create?

The whole of Australia has been mapped by postcode for the available sunlight in each location.

The number of RECs to be created depends on the size, type and location of your PV installation in Australia.

The output of the PV system is calculated over 5 or 15 years:

  • Creating RECs in blocks for the life of the system over 5 years, this could be 5 x 4 blocks or 5 x 5 transactions.
  • Creating RECs for a single block of 15 years with a single transaction.
  • The single transaction is attractive to most people as it is efficient and can be given as a point of sale discount when purchasing the system. This significantly offsets the capital cost. For example; a 1.5kW system would create approximately 20-30 RECs for zone 3 postcodes.

If you need assistance please call our customer service operators at our Data Centre on (03) 9845 3000.

Alternatively, you can use the PV REC Calculator provided below.

Solar Power REC Calculator

Please consider all calculations as estimates only.
To verify REC calculations contact us directly. Thank you.

Have you received or been approved for a rebate or financial assistance for any small generation unit at this address? (this includes Solar Homes & Communities Plan, Photovoltaic Rebate Program, Renewable Remote Power Generation or National Solar Schools Program.)

 

Is this premises ELIGIBLE for Solar Credits (REC multiplier)?

 

Was the installation date before 1 July 2011?

 


Explaining GST

The Renewable Energy Certificates (RECs) sold to Greenbank Environmental can attract GST, dependant on a few factors.

The RECs are generally owned by the OWNER of the property/unit at the time of install, not the installer or supplier. The deal is between Greenbank and the owner. If a point of sale discount has been given by the installer/supplier, they are acting as the facilitator only.

The table below explains the who, when and how of GST. (IMPORTANT: This table should be used as a guide only and you must consult your own accountant).

GST flowchart