Solar Multiplier Reduced to 3 From July 1st
Climate Change Minister Greg Combet had a lot of news to announce regarding reductions to solar panel subsidies today! While we had known for some time that the solar multiplier would be reduced from 5- 4 from July 1st it was a surprise to hear that it will now be reduced straight down to 3…….these changes represent a difference of about $2500 to the out-of-pocket costs on a solar panel system that is installed after June 30th.
For those consumers who have already purchased their system before May 5th it is likely that the government will honour the multiplier of 4 even if your system isn’t installed in time, but all sales made after today will either need to be on your roof by June 30th or only eligible for a rebate of about $3700, down from $6200.
The solar subsidy schemes & the rush of business they brought to the solar industry have been a victim of their own success to some degree, with the unexpected high demand for home solar PV systems creating a Renewable Energy Credits (RECs) bubble that has seen their prices plummet, as well as increases in electricity costs to all consumers to compensate for feed in tariffs & rebates.
Julia Gillard considers that the carbon tax will provide a more efficient and fairer alternative to encourage the continuing use of renewable energy sources.
But for now the most important thing is that if you want to install solar panels while it will still be $2500 cheaper to do so then you will have to move fast!
At Premier Solar Queensland our dedicated team of certified installers are ensuring we can most likely complete your new solar purchase & installation in Brisbane, Sunshine Coast, Gympie, and Hervey Bay before the deadline, as long as you place your order by May 20th.
