After being 500% exposed to fluctuations in the market price of Renewable Energy Certificates (RECs), the Australian PV industry was highly relieved when the Government announced modifications to the Renewable Energy Target that would fix the value of a REC. However, amendments to the legislation as it passed through parliament have significantly increased market uncertainty.
Australian Solar Rides the Bull – More PV Installed in 2009 than Spain, and Set to Double in 2010
While the rest of the world stagnated during the Global Financial Crisis, one Australian ‘Bull Market’ bucked international trends to quadruple in size. Over 82 MW of PV was installed in Australia in 2009, more than the Spanish solar matador’s 70 MW of PV installations, and July 2010’s figures indicate that the Australian PV market will double this year.
The Premier of Australia’s largest state, New South Wales, recently announced a gross feed-in tariff of AU$0.60/kWh for 7 years for solar power.
The Premier of Australia's largest state, New South Wales, recently announced a gross feed-in tariff (FIT) of AU $0.60/kWh for seven years. This tariff is approximately four times the rate residential customers pay for electricity, and is available for all small consumers of electricity (below 160 MWh/year consumption). This gross FIT, which will pay on the entire amount of solar generation from systems up to 10 kWp, modifies the initially proposed net Feed-in Tariff, which would have run for 20 years.