The new legislation which is expected to be brought in on 1st July 2009 will -
allow anyone installing a new Grid Connected Photovoltaic Generator, to receive 5 times the normal amount of Renewable Energy Certificates for the first 1.5kW of installed capacity, with any capacity above 1.5kW receiving the normal 1:1 REC assignment.
The 5 x multiplier will be scaled down each year to 4 x , then 3 x, then 2 x etc each year from 2012 onwards.
Whilst the new "Solar Credits Scheme" is not going to be means tested, the shortfall on the initial cost of a Photovoltaic Grid Connected Generator will be greater with the new "Solar Credits Scheme" compared with the outgoing Rebate Scheme (based on the current value of REC's).
For example, a 1kW system with a total installed cost of around $12,000 dollars, under the new scheme will provide approximately $4500 in REC's (with an assumed REC value of $45/REC which is the approximate value for REC's at present, in location zone 3 - south east QLD, and maximum 15 year REC assignment), making the final cost of the system about $7500.
Under the outgoing Rebate Scheme, the same $12,000 system will receive the $8000 Rebate plus around $900 in REC's, making it's final cost about $3100.
Unfortunately the price of REC's is not fixed and works a little like a stock market which is liable to fluctuate depending on supply and demand.
If you haven't already done so, please sign the "gross feed in tariff" petition, aimed at getting an $0.80 / kWh for every kWh that a renewable energy system generates, significantly shortening the "pay back period" for the cost of such systems.
http://www.feedintariff.com.au/results.php
Regards
Scott Rayment
BCSE designer / Installer