THE TERMINOLOGY EXPLAINED . . .
The Renewable Energy Target (RET)
The Renewable Energy Target (RET) is split into two schemes – the Large-scale Renewable Energy Target (LRET) and the Small-scale Renewable Energy Scheme (SRES).
The schemes aim to:
• encourage the additional generation of electricity from renewable sources;
• reduce emissions of greenhouse gases in the electricity sector; and
• ensure that renewable energy sources are ecologically sustainable.
This is achieved by:
• the creation of online certificates by eligible renewable energy sources based on the amount of electricity in megawatt hours (MWh):
• generated by a renewable energy power station, or small-scale solar panel, wind or
hydro system; or
• displaced by a solar water heater or heat pump; and
• placing a legal obligation on liable entities (usually electricity retailers) to purchase and surrender a certain amount of these certificates each year.
The trade in these certificates thereby provides financial incentive for investment in renewable energy power stations, and for the installation of solar water heaters, heat pumps, and small-scale solar panel, wind, and hydro systems.
Go to the Clean Energy Regulator website for more detailed information on the Renewable Energy Target.
Feed-in Tariffs (FiT)
A Feed-in Tariff is a financial incentive to supply excess power to the grid. A number of years ago high FiT’s were available through various Solar Bonus Schemes throughout Australia however with the reduction of system costs during those years and the unexpected take-up of Solar Power, all states have now reduced these FiT’s to around 8c per less per Kilowatt Hour. Most systems now are sized to cover your daily loads in your house or business with little or no feed in into the grid.
GENERAL FACTS ABOUT SOLAR
Australia lags behind the rest of the world in its use of solar technology (ironic, isn’t it?!)
Germany is the world leader in solar technology and pioneering strategies for both personal and corporate power generation (they have had solar boats on the Rhine River for over 10 years)
Greece has just agreed to scrap any idea of a nuclear future, bin the fossil fuelled power industries, and commit to ONLY renewable power (amazing!)
There are whole cities in Spain powered by huge solar power stations
Solar is the simplest energy future for Australia – clean, green and abundantly available…