Why did the REC price fall?

To find out why the REC's price has fallen , and what you can do about it: visit Green-bank . Look towards the middle of the page.

What is a REC?

A REC is a Renewable Energy Certificate, which is equivalent to 1 Megawatt of Solar Power produced by a Solar system.

Green Energy Bank buys REC's from PV Small Generation Units (SGU) and Solar Water Heating areas for competitive prices. Green Energy Bank was set up late in 2007 and is the point of contact for all customers. Check out www.green-bank.com.au or call 03 98724744

REC's were introduced as a result of hte MRET (Mandatory Renewable Energy Target). In February 2008 the Government announced it intended to develop changes to MRET (including th ephasing or build up to the 45000 GWH target and the leval of hte penalty price) by September 2008 with legislation to be tabled in 2009.

This power can be produced by a either Grid connect or Stand alone power generation systems, hot water systems and wind power generation systems.

Green Loans

$300miliion has been committed over the next five years, commencing 2009 for the Commonwealth's Green Loans initiative. The program will provide low interest loans (at CPI) of up to $10000.00 to cover expenditure on solar, energy efficiency and rain water tanks. The scheme will not be operational until the beginning of 2009. Households will only have to pay back 2% of their annual income, with a minimum of $300 to be repaid each year.