Renewable Energy Grants and Incentives

Renewable Energy Grants Offered in Australia
Renewable Energy Grants Offered in Australia

Australia’s energy supply security is critical to ensuring sufficient, reliable, and affordable energy to support local communities and economic activities. The country is an energy powerhouse, but most of the energy resources it has been extracting, such as thermal coal, natural gas, and uranium, are all exported. Additionally, oil production has started declining, and much of the country’s transportation began to rely on imports of refined petroleum and crude feedstocks, which the remaining domestic refineries must process.

For this reason, the Federal government believes it would be beneficial to formulate several grant programs and schemes to help solve the challenge of energy sustainability by introducing renewable energy programs. The Federal government is committed to creating clean energy sources and prioritising renewable energy. The abundance of solar, wind and other natural features make it one of the most attractive markets in the world for renewable energy investment and deployment opportunities.

This article will guide you on the renewable energy grants offered to Australians by its government to ensure sustainability.

Solar for Business Program

This is a program that supports companies and small businesses in adopting the use of solar energy. The program ensures that these organisations acquire skills in the technologies and the gadgets and is on the roof solar systems. The program has hired a team of professionals who describe to you the basics of solar technology and the tangible benefits it will impact on your businesses, help you find out how your business will have better returns when replacing electricity with solar power, and compare offers based on business goals such as budget, savings or quality. Remember, for your business to be eligible, it must operate from an ACT-registered facility because the ACT helps to monitor emissions that may arise. Additionally, you do not have to be an existing ACT smart customer; the program is open to all.

The Next Generation Energy Storage Scheme

The following program supports the development of the energy storage industry in the act, as well as research and education. During the day, solar energy is converted into power for homes and small businesses. The solar cells store the excess energy to provide power when needed, even on cloudy days and at night when there is no sunlight. The Australian government helps pay at least 50% of the battery price, and the Australians who need the batteries pay the other 50%.

Renewable Energy Grants Offered in Australia - Solar panels

For households, the discount is $3,500, excluding GST or 50% of the battery price, while for businesses, the discount is $35,000, excluding GST or 33 % of the battery price. The program has assistant experts and retailers who can answer your questions and build a system that best fits your needs. You will need to obtain a new battery from an authorised next-generation dealer to benefit from this program, for the discounts cannot be accessed using other non-dealers.

The Renewable Energy Target Scheme

This program consists of Large and Small-scale Renewable Energy Target schemes (LRET & SRES). The LRET encourages the development of renewable energy power plants in Australia through the renewable energy certificate market for the production and sale of certificates called Large-scale Generation Certificates (LGCs). Certified power plants can create LGCs for the electricity generated from their renewable source. After that, they can sell it to primary electricity traders from the market and submit these allowances to the Clean Energy Regulator (CER) annually. Companies and individuals who want to back claims about reducing emissions, using renewable power, or providing offsets have the right to do so. Small Renewable Schemes (SRES) offer financial incentives to individuals and small businesses to install small renewable energy systems such as rooftop solar panels, solar water heaters, and pumps. This will come in the form of small technical certificates issued in advance of the expected power generation of the system until the program closes in 2030.

Sustainable Household Scheme

This is a program that provides interest-free loans to cover the cost of energy-efficient upgrades. If you qualify, you can get loans from $2,000 to $15,000 which you can pay in up to 10 years. Some energy-efficient products are household battery systems, electric heating and cooling systems, hot water heat pumps, and electric hot plates. During the program term, you may install a single product or bundle of products from the eligible product list. Together, these are worth up to $15,000.

Additionally, you can borrow over $15,000 depending on the credit check on your loan application, where the loan provider may charge interest since the funds exceed the allowable amount. Regarding borrowing loans as a group, it must meet program eligibility criteria, such as attending one-hour live online workshops and participating in the Business Energy and Water program. Remember, the program is not only for households but also for small and large businesses too.

Australian Centre for Renewable Energy (ACRE)

The Australian government established this centre in 2010 to facilitate the developing, commercialising, and deploying renewable energy and key technologies and improve Australia’s competitiveness. The centre aims to provide a one-stop shop for renewable energy technology companies and developers through strategic guidance.

The centre offers a variety of funding mechanisms, including grants, programs and venture capital investments that will help in renewable energy sustenance. A good example is the Renewable Energy Program which will provide at least $40 million for new technologies to support large-scale base-load energy production and also support the growth of potential small businesses. Another example is the Remote Renewable Energy Studies Scheme, where the studies will explore renewable energy in regional and remote areas to identify opportunities for increased energy penetration.

Transitioning Midwest Towns Program

Under the Australian government, Horizon power is investigating the feasibility of converting nine towns in the Midwest if Australia uses 100% renewable energy. These cities are primarily fueled by expensive, high-emission fossil fuels such as diesel and natural gas. The potential for these communities to generate, store and use their renewable energy can cut costs and reduce emissions simultaneously, without compromising the reliability of energy supplies. The feasibility study will include future battery storage and centralized solar installation as a part of the Western Australia recovery plan and federal funding. When the towns are equipped with the necessary renewable energy, other sectors such as the large and small businesses will also benefit from it.

Government Grants for Renewable Energy

Australia has seen a significant increase in investment in renewable energy in recent years due to the implementation of various programs and grants. The country has been able to cut down on costs that could have been used in the extraction or importation of fuels and direct that money toward funding the various renewable programs and projects so that small businesses may benefit from them. Therefore, if you are searching for a program or grant that will help fund you in buying and installing any energy-efficient equipment, contact us now to find out how you can apply for suitable grants and assistance programs.

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