From 1 January 2011 the Renewable Energy Target, which guarantees 20 per cent of Australia’s energy in 2020 will come from renewable sources, will be divided into two parts - the Small-scale Renewable Energy Scheme (SRES) and the Large-scale Renewable Energy Target (LRET).
The SRES will cover small-scale technologies such as solar panels and solar hot water systems. It will provide a fixed price of $40 per megawatt hour of electricity produced, providing direct support for households that take action to reduce emissions.
Under this fixed price, a Sydney household that installs a 1.5 kilowatt solar panel system in 2011 will benefit from an upfront subsidy of $6200. If the same household decides to install a typical solar water heater they will receive $1200 in support under the SRES.
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