There are several types of Renewable Energy Grants in Victoria, rebates and incentives that business customers with solar power can be eligible for:
STCs are part of the Federal Government’s Renewable Energy Target scheme. This scheme gives Australians a financial incentive to install renewable energy systems.
You can generate STCs with an eligible solar power system.
Each STC has a market value. The larger the capacity of your system, the more STCs are created. In most cases for commercial-sized systems, the incentive value can be several thousands of dollars.
You can give your STCs to EnergyAustralia in return for a point-of-sale discount. Alternatively, you can also sell your STCs on the market. Either way, you’ll receive money to reduce the cost of your system.
A feed-in tariff is a credit customers are paid for any unused electricity that their solar power system sends back to the power grid. It is usually a set rate per kilowatt-hour and paid as a credit on electricity bills.
Australian state governments used to fund feed-in tariff schemes, but they are now closed for new customers. Retailers, like us, do still provide some feed-in tariffs, depending on what state you’re in and the size of your system. To give you an indication of what rate you may be eligible for view our current feed-in tariffs.
Small businesses with an annual turnover of less than $2 million may be able to access the accelerated tax concession, which can provide an immediate tax deduction on assets purchased costing less than $150,000 (inc. GST) that are installed and ready for use. There are also rules for assets valued at more than $150,000 (inc. GST).
The instant asset write-off threshold and eligibility criteria have changed over time, It is important for users to check their business eligibility and apply the correct threshold amount.
From 12 March 2020 until 30 June 2020 the instant asset write-off:
Threshold amount for each asset is $150,000 (up from $30,000)
Eligibility has been expanded to cover businesses with an aggregated turnover of less than $500 million (up from $50 million).
Please note that the information above is provided as a reference only and you should seek independent professional advice about suitable options for your business. You can visit the Australian Taxation Office website for more information and updates on the income tax measures for small businesses.
There may be other financial incentives available to you, depending on your industry and location. Some examples are below.
|Clean Energy Finance Corporation||cleanenergyfinancecorp.com.au|
|QRAA Sustainability Loan Program (QLD)||qraa.qld.gov.au/current-programs|
To find other grants and financial assistance, you can visit: business.gov.au/grantfinder