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Solar Homes NSW

The NSW Battery Rebate in 2024

The long awaited 2024 Rebate for Solar Batteries is finally here! As of November 1st the NSW government has introduced their new incentive providing financial assistance to those looking to install solar storage. Many Australians are moving towards clean energy and as such looking at ways to maximise the benefits of their energy generation, whether that be for the savings or the ability to live a more sustainable life. With the introduction of this new program the goal of energy independence has become more achievable for many.

Key Takeaways:

  • Exciting New Rebate: Starting November 1, NSW has launched a rebate program to help residents and small businesses install solar batteries, making it easier to achieve energy independence and enjoy the benefits of solar power.

  • Why Go for Batteries?: Solar batteries allow you to generate, store, and use your own electricity, giving you control over your energy costs and reducing reliance on the grid. Say goodbye to unexpected power bills and outages!

  • Rebate Details: The rebate offers discounts based on battery size, with amounts ranging from $770 for a 6.5kWh battery to $2,400 for a 13.5kWh battery. This is part of a push to stabilize the grid and cut emissions.

  • How to Get the Rebate: To qualify, you need an existing solar system or to install both solar and battery together. Work with an accredited installer, choose an eligible battery, and complete a nomination form to get started!

The Benefits of Battery Storage

If you already have solar installed you’re probably familiar with the benefits of individual energy generation, from savings to energy independence. Installing a solar battery takes this concept a step further, essentially turning your home into its own little power plant. You're able to generate, store and use your own electricity as you please - true energy freedom. 

Through this independence you’ll be able to lock in power prices for years to come, no more surprises on your bill, or avoiding running appliances due to high energy prices. No more power outages rain, hail, shine, day or night. With a solar battery you can start powering your home like electricity’s free, because for you, it is.  

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What is the NSW Battery Rebate?

The NSW government has introduced a financial incentive helping homes and small businesses to achieve energy independence through battery storage.  A discount will be added for those installing a storage solution with an existing solar system installed. Additionally this rebate is also applicable to those who wish to install a solar and battery system at the same time. 

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What is the Purpose of This Rebate?

This new program falls under the Peak Demand Reduction Scheme (PDRS). The thought behind this rebate comes back to the current stress on the grid in NSW. Aware of this issue, the state government introduced this rebate in an attempt to reduce the demand and pressure on our electricity distribution during peak periods. The electrical grid in NSW is currently dealing with a great deal of demand, especially with the uptake of solar power increasing, solar exports back into the main electrical network have created a great deal of pressure, and as such the risk and frequency of power outages across the state has increased.

In response to this growing demand and increasing risk, the NSW government has introduced this incentive to push the uptake of solar storage solutions. Installing more batteries across the state will help to reduce solar esports and stabilise the grid  as well as reduce our reliance on fossil fuels during these periods of high demand. The scheme will help Australia to move towards a 70% reduction in emissions by 2035 and net zero by 2050.

What is the Value of the Rebate?

The discount is provided as an incentive to an accredited supplier of solar batteries, they will then pass this discount on to the customer. The amount of this rebate is proportional to the usable capacity of the battery (kWh), meaning the larger the battery you install the greater the discount you’ll receive. There are two categories for this rebate: 

  • $770 - $1,150: when you install a new 6.5kWh battery 

  • $1,600 - $2,400: when you install a new 13.5kWh battery

What is the Process for Receiving This Incentive?

STEP 1: Choose Your Installer

The installer you choose must be either accredited or partnered with an accredited supplier. Due to high demand for solar batteries there could be significant wait times for installation, make sure to get in soon before it's too late.

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STEP 2: Choose Your Battery

To be eligible to receive this discount your battery must meet certain criteria around performance and warranty in order to ensure it meets Australian standards. 

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STEP 3: Sign the Nomination Form

Your chosen installer will provide this form for you which you must sign and complete before you can receive the discount. Your installer will also provide you with an installation contract to sign. 

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STEP 4: Organise Your Installation

After speaking with your solar and battery retailer you'll be able to set a date for installation. They will submit all necessary documents to your distribution network and electricity supplier in order to have your battery connected to the grid.

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Am I Eligible for the Rebate?

There are a few criteria that must be met for your system to be eligible for the incentive:

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  • You must have an existing solar system installed on your premises 

  • Or alternatively you can have the discount added to the installation of solar and storage together. 

  • Your system must be installed by an accredited supplier. 

  • The rebate covers between 2 - 28kWh (the amount you’ll receive is proportional to the battery size), although the majority of customers will find this to be plenty as the average daily consumption for an Australian household of 5 people is 25kWh. 

  • Only batteries featured on the Clean Energy Council's approved products list will be eligible.

FAQ

Frequently Asked Questions about Installing Solar Power

Are there any rebates available?

There are great government rebates/incentives still in place for eligible households. Basically, the larger the panel array, the more STCs your solar system generates as it is based on the expected output of the system over time.

When you buy a solar system, the purchase price is normally reduced by the value of the STCs created by your system. You simply fill out a form on the day of installation to confirm that the system has been installed, and that’s it. There is no additional paperwork that you need to do.

Small-scale Technology Certificates (STCs)

Small-scale Technology Certificates (STC’s) – previously known as Renewable Energy Certificates or RECS – are created when a Renewable Energy System such as a Solar PV system is installed.

The number of STC’s depends on the predicted amount of energy generated and hence the larger the system the greater the rebate. In essence, one STC is created for every megawatt-hour of production capacity of the system.

This is further multiplied by the number of years the system is likely to generate energy (for home solar systems, this is usually 15 years, although the life of the solar panels themselves is considerably more than that).

This incentive program is being phased out until 2030, so each year the number of certificates your system is eligible for reduces.

STC Price

The system for trading and pricing STCs for small systems is managed by the Small-scale Renewable Energy Scheme (SRES).

STCs are bought by Liable Parties (usually electricity retailers) and must be surrendered at the end of each quarter. As the number of STCs that are required to be surrendered is a fixed amount each year, but the number of STCs created is variable, the price paid for STCs also varies and is determined by supply and demand.

The Federal Government legislated in 2010 a fixed price for STCs by implementing a Clearing House system where STCs can be bought and sold for $40. However, there is no requirement for Liable Parties to purchase from the Clearing House, so they are likely to only do so if there is a shortage of STCs or the market price exceeds $40. There is currently a surplus of STCs in the market which means the market price of STC’s below $40

How does the feed-in tariff work?

The Feed In Tariff is only something you need to worry about if you don’t have battery storage.

The price your chosen energy retailer pays for any excess electricity generated from your solar panels is recorded as a credit on your power bill.

In NSW, solar power is fed into your home as it is generated and your household will use it first before you draw power from the grid.

This means that for every kWh of solar power used in the home you are directly saving money you’d spend on your power bill. This reduction in your power bill is the main financial benefit of solar power.

Everything else will be bought up at an agreed rate by your electricity retailer.

At the moment, most feed-in tariffs are between 5 and 10 cents per kWh, with many being about 7 cents. They bounce up and down a lot, for example in previous years they have been up over 20 cents per kWh. Typically, they are always at least 5 cents per kWh.

What happens once I sign the paperwork?

Once you sign up for a 1KOMMA5° Installation, we immediately submit your grid application to the relevant energy distributor. For systems up to 5kWs, this is a formality. For larger systems it can take a few days or more. Once we receive approval, your installation will be managed by our installation coordinator, who will welcome you to 1KOMMA5° and book an installation date for you. This is generally booked within around two weeks and installation dates are available Monday to Friday, weather permitting.

We endeavour to have your system installed within 2-4 weeks unless you request us to hold for whatever reason. Due to our strict safety policy, we do not install solar systems when it rains. In the event of inclement weather, we will rebook your installation as soon as possible. We always work with your requests as we strongly recommend that someone be home on the day of installation.

Do you offer finance?

Green Loans can be an affordable way to pay for your solar power system and is only available for approved products. As a Clean Energy Council Accredited installer, all our systems qualify.

Green Loans can be used to finance 1KOMMA5° systems from $1,000 to $30,000 over a 2-7 year term. Once you have received a referral from 1KOMMA5°, online approval usually occurs within 1-2 business days. Green Loans have a competitive fixed interest rate that is as low as 7.99% p.a.* | Comparison rate 9.21% p.a.^ Establishment fee of $299 added to the loan amount. $2.70 per week account keeping fee included in repayments.

To be eligible to apply you must:

  • Be over 18 years old and an Australian resident or citizen

  • Own or be purchasing a home

  • Be employed, self-employed, a self-funded retiree; or is receiving the Government Age Pension

  • Have an Australian driver’s license or Passport

  • Provide two most recent payslips or 90 days of bank statements

There are a number of good, competitive Green Loan providers – ask us about the options available.

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