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    Australia: Federal government cuts solar support

     
     
    In a surprise move, the Australian federal government announced today that it would bring forward, by six months, the conclusion of a "multiplier" Renewable Energy Credit scheme for photovoltaics. While difficult to generalize over the vast continent, the move is anticipated to increase the cost of the average residential solar array by AUD$700 - $800 (US$723 - $826).
     
    A government support mechanism in Australian will be wound up on January 1, 2013, in a move announced today by Climate Change Minister Greg Combet. The program provided a solar multiplier, which increased the number of tradable Renewable Energy Certificates (REC) generated by a solar installation. The REC multiplier was cut in 2011 from three to two, and as of January 1, it will be reduced to one. The REC multiplier, which applied right across Australia, was scheduled to be reduced to one on July 1, 2013.
     
    Combet justified the move by saying that it will reduce pressure on electricity prices, "Phasing out the multiplier early will strike the appropriate balance between easing the upward pressure on electricity prices and providing continued support for householders and suppliers who participate in the installation of solar PV."
     
     
     
     
     
     
    (From PV-magazine)
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