The Minister for Climate Change and Energy Efficiency, Greg Combet, announced today that the Solar Credits multiplier will be reduced from 5 to 3 from 1 July 2011 to 30 June 2012. The reduction is a result of the impact of the higher than expected growth in solar panel installations and the flow-on cost to electricity prices.
The Department of Climate Change and Energy Efficiency are expected to put forward Regulations in mid June to legislate the multiplier reduction.
The Regulations will also define transitional arrangements for eligible systems with a contract for installation from 1 July 2011 to 30 June 2012.
Visit – Press Release 5 May 2011