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Solar Hot Water Government Rebates
There are many government rebates and incentives available to encourage people to switch to more environmentally friendly hot water heaters. The Federal government rebate has now been increased to $1,000 and is no longer means tested, provided the eligibility criteria is met. The State government Solar hot water and Heat Pump rebate of up to $600 has now been extended to 2011 for qualifying installations. A total of up to $2,800 in government rebates can now be claimed for having a solar hot water or heat pump installed.
Renewable Energy Credits (RECs) currently averages at $1,200 to $2,000 (depending on the system's efficiency) for a solar hot water installation, reducing the total purchase cost by over $4,500. Solar hot water systems or Heat Pump hot water systems attract the highest level of rebate and incentive as they produce the least greenhouse gas emissions. High efficiency gas hot water heaters are also a good alternative and provide a lower level of rebate.
The amount you can claim depends on what type of water heater you are switching from, what type of environmentally friendly solar hot water or Heat Pump product you are converting to, as well as the current REC value.
RECs are Renewable Energy Credits. They are traded like a share and their value fluctuates. Solar and Heat Pump systems are given a REC point value, where the more energy efficient the product, the greater number of REC points awarded. The REC value of your hot water system can generally be deducted from the cost at the point of sale. Solar Hot Water and Heat Pump systems receive different REC points depending on which zone they are to be installed in. REC credits are also a a good way to gauge how efficient a Solar Hot Water or Heat Pump System is as they are all rated independently of the manufacturer.
What are RECs (Renewable Energy Certificates)?
RECs are certificates that are awarded with qualifying solar hot water systems. These are a federal government initiative designed to encourage the uptake of products that reduce greenhouse gas emissions.
Renewable energy certificates are traded on the market by energy companies who buy them from renewable energy producers (ie. households and companies who own the systems). As part of the process, customers who purchase solar hot water systems can
sell their RECs to their supplier/installer, or sell them independently to a buyer of their choice.
You can earn various amounts of RECs depending on the type of system you are replacing with an Energy Matters system. Flo-Rite Plumbing can discount the total cost of the hot water system you purchase from us by the value of the RECs you assign to us.
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