Renewable
Energy Certificates (RECS)
now called STC's (Small Technology Certificates)
Background to Renewable Energy Certificates
Renewable Energy Certificates (REC's) are a new form of currency created by the Federal Government under the Renewable Energy (Electricity) Act 2000 and are used to demonstrate compliance with the requirements of the Government's Mandatory Renewable Energy Target (MRET) scheme.
the Australian Governments MRET commenced in April 2001 and requires that sourcing of 9500 GW hours of extra renewable electricity per year by 2010 through to 2020. This target is enough power to meet the residential electricity requirements of approximately 4 million people.
MRET places liability on wholesale purchases of electricity to proportionately contribute towards the generation of the additional renewable energy. The target applies nationally, and is implemented through the Renewable Energy (Electricity) Act 2000. An independent panel reviewed legislation underpinning the target
The Renewable Energy (Electricity) Act 2000 establishes the rules for creating RECs. The fact that that states that the RECs must be in electronic form, that every certificate must have its own unique code and must be registered by the Office of Renewable Energy Regulator (ORER) before they are considered valid.
How RECs are calculated
One RECs is generated for every 1 MW of renewable energy power. The range of Hills Solar Water Heating Systems have been assessed by an independent testing authority to establish the performance and efficiency of each system in saving energy for water heating. These systems are then allocated a number of RECsreflecting how much energy they can save each year.
Value of RECs
The value of RECs is determined by a market mechanism and is therefore subject to change over time, depending on the size of the market (how many RECs can be bought) and a number of RECs certificates available to buy. Check with Cooloola Solar Systems to see how many RECs your system is eligible for .
Payment of RECs
Cooloola
Solar Sysems can tell you how many RECs your system creates and will
fill in your application form for you..
Payment for your RECs is usually
deposited to your bank account in 2 weeks from the date of the application
being received
For more information :
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