Federal Renewable Energy Target (RET)
The Federal Government Renewable Energy Target (RET) is Government policy designed to ensure that at least 33,000 gigawatt-hours (GWh) of Australia’s electricity comes from renewable sources by 2020.
The RET is split into two targets the Large-scale RET (LRET) for larger solar, wind, hydro “Power Stations” and the Small Scale Renewable Energy Scheme (SRES) that supports the installation of rooftop solar systems that are less than 100KW, solar water heaters, and other small renewable generators. Both targets are highly focused on increasing and improving renewable energy sources.
The Large-Scale Renewable Energy Target (LRET) creates a financial incentive that rewards electricity generation from renewable energy power stations, such as wind and solar farms, and biomass electricity generators. Commercial rooftop solar systems over 1OOkW are eligible for LGCs, and multiple smaller systems at a single facility may also be eligible to be aggregated into an LRET power station, Certificates are created annually in arrears for each MWh of generation. The scheme will continue to operate until 2030, and can thus provide a valuable income source from your commercial solar system or renewable power station. The challenge, however, is that gathering the right data, registering your power station, and negotiating With the Clean Energy Regulator to get access to the LGCs can be complicated and time-consuming, Not only that, but you need to have a registry account, find a buyer for the LGCs, and ensure you get a good price. This can be difficult and you don’t know if you are getting a good deal. Cyanergy helps owners of eligible renewable energy power stations access Large-scale Generation Certificates (LGCs), get their power station developed and earn certificate revenue.
The Small Scale Renewable Energy Scheme (SRES) supports the installation of rooftop solar systems under 100KW, solar water heaters and other small renewable generators, by providing an upfront discount in the form of Small Scale Technology Certificates (STCs). Equipment used in upgrades must be approved by the Clean Energy Council. STCs for a system are calculated from an estimate of the energy generation and can be deemed upfront for the entire remaining period of the scheme (ends in 2030). STCs can be sold either through the Spot Market, which is dependent on supply and demand. Cyanergy has a streamlined process for STC creation for small renewable generators and solar water heaters, taking the fuss out or accessing your system‘s funding.
- Australian households will save hundreds of dollars on their power bills with the Renewable Energy Target.
- It generates investments in homegrown Australian industry.
- It has created tens of thousands of australian jobs, and expected to be doubled through the years.
How It Works?
- The Renewable Energy Target operates through the creation of tradable certificates which create an incentive for additional generation of electricity from renewable sources.
- Certificates are created and issued through the REC Registry – an online trading platform managed by the Clean Energy Regulator.
- Through the scheme, large renewable power stations and the owners of small-scale systems are eligible to create certificates for every megawatt hour of power they generate – creating the ‘supply’ side of the certificate market. Wholesale purchases of electricity, mainly electricity retailers, buy these certificates to meet their renewable energy obligations.