FAQ
Greenbank Environmental FAQ’sWhat is a REC?Renewable Energy Certificates (RECs) are an electronic form of currency initiated by the Renewable Energy (Electricity) Act 2000. A Renewable Energy Certificate is a commodity in the REC market and can be traded for a monetary payment. Are RECs a government rebate?No. It is a market based certificate trading scheme designed to encourage additional generation of electricity from renewable sources. What systems are eligible to create RECs?Solar water heaters, heat pumps, photovoltaic systems, wind systems & small hydro electric systems may be eligible to create RECs if they meet the required criteria by The ORER (Office of Renewable Energy Regulator). Several thousand solar water heater and heat pump systems are approved to create RECs. Approved systems are listed at: What is a REC worth?The financial value of a REC is dependent on the supply of and demand for RECs. As a result this value can be variable from day to day. Price is held when complete and correct claims are received at our office. Please contact us for an update on current pricing. How many RECs does my system create?The amount of RECs a system is eligible to create is determined by The Office of Renewable Energy Regulator. System size, type and location can influence the number of eligible RECs. To calculate your RECs visit: What is the difference between 5 & 15 year deeming?The deeming period is an estimate of the years the system will create renewable energy. The maximum deeming period is 15 years after which no further RECs can be created. Five year deeming creates in batches. There is a creation for the first 5 years after installation and then at subsequent 5 year intervals. To claim 15 year deeming the system must be installed by an installer accredited with the Clean Energy Council. (Deeming periods are not applicable for solar water heating/heat pumps). How long do I have to claim payment for my RECs?RECs can only be created after a system is completely installed. Time limits apply for the creation of RECs based on the installation date. Solar Water Heater/Heat Pump RECs must be created within 12 months of the install date. For all photovoltaic systems installed on or after 6 October 2007, RECs can only be created within 12 months of the installation date. For wind, solar (photovoltaic) and hydro systems installed before 6 October 2007 choosing 5 year deeming, the RECs can be created at any time after the installation date. Do RECs incur GST?The REC price is quoted excluding GST. Systems installed for business use and owned by a business registered for GST is able to receive the trading price plus GST. Systems installed for domestic use are not eligible to receive GST. How and when will I receive payment?Greenbank make payment 14 days after receiving complete and correct paperwork and supporting documentation. Payment is deposited directly into the bank account nominated on the REC Assignment Form. Any missing information or documentation can delay your payment. What is the serial number?When installing a solar water heater/heat pump we require the tank serial number in order to create your RECs. The serial number is located on the tank and is unique for each system. When installing a photovoltaic system we require each panel serial number. The panel number is unique for each solar panel installed. These are generally located on the panel themselves. If you are having difficulty finding your panel numbers they may be available from your installer or supplier, DO NOT climb on your roof to try and locate them. My system model does not appear on the registered list with ORER?The complete system model is required in order to create RECs. This may not always be listed on the system or your paperwork. Your installer/supplier should be able to provide you with the complete system model that is needed to create RECs. Incomplete and incorrect system models can delay processing and your payment. Can I create RECs by adding additional panels to an existing photovoltaic system?Yes, RECs can be created for the additional kW capacity that has been added to the existing system. To create the additional RECs we need details as to where the new panels have been installed, for example: 2 panels installed to the east of existing array. There is a space on the REC Assignment Form for this information to be provided. How do I claim payment for my RECs?The Greenbank REC Assignment form must be completed. Form can be downloaded at http://www.green-bank.com.au/forms. All information requested on the form must be provided as it is required by ORER for the creation of RECs. Supporting documentation must be provided with the form to complete your claim. A copy of the invoice from your installer/supplier with the installation address should be provided. An additional document being a compliance certificate, installation or warranty report should also be provided when applicable. Am I eligible for any other grants or rebates?Your system may be eligible for additional grants or rebates. For further information visit http://www.green-bank.com.au/rebates Why is my form under audit?The Office of Renewable Energy Regulator verify all information provided to them before creating RECs. Claims will generally require an audit to be completed if a tank serial number is duplicated, another agent has already created RECs for the claim or RECs already exist at an address from previous or multiple systems. Audits can generally be resolved by providing pictures of the installation and serial numbers in question and some cases require Statutory Declarations. Greenbank recommends pictures to be taken at the time of install to assist if the auditing process is required.
Solar Credits FAQWhat are Solar Credits?Solar Credits is a mechanism within the RET (Renewable Energy Target) scheme that boosts support to households, businesses and community groups that install small-scale solar PV, wind and hydro electricity systems by multiplying the number of RECs able to be created for eligible installations. Solar credits multiply the number of RECs to be created by five; however it is capped at 1.5 kW. Capacity over the 1.5 kW is created at the 1:1 calculation. The new solar credits program applies to off grid and grid connect wind and solar power installations only – solar hot water rebates operate under completely different schemes. Is my system eligible for Solar Credits?Eligibility criteria exist in order to receive Solar Credits. Solar Credits will only be available to customers who have not received or have pre-approval for any funding agreement e.g. Solar Homes & Communities Plan, National Solar Schools Program, Photovoltaic Rebate Program etc. Installation must occur at en eligible premises and the system must be new and complete. For full regulations visit: What is an eligible premise?Installation must occur at an 'eligible premises' to qualify for the Solar Credits. An eligible premise is currently defined as a house (including the land on which the house is located and any outbuildings on the land), a townhouse, a residential apartment and a shop (including the land on which the shop is located and any outbuildings on that land). How do I claim my Solar Credits?To claim Solar Credits the Greenbank REC Assignment Form must be completed. Form can be located at: http://www.green-bank.com.au/forms. Completed form should be sent to Greenbank with a copy of invoice from installer or supplier and a copy of the certificate of electrical safety/test. The Solar Credits declaration on the form needs to be answered correctly to ensure correct amount of RECs are created. How do I calculate my Solar Credits?Solar Credits are calculated based on the system capacity and location. To calculate your eligible RECs please refer to our online calculators: http://www.green-bank.com.au/calculating-recs. Please ensure Solar Credits questions are answered correctly to ensure accurate calculation. Can I claim Solar Credits for panels that are self-installed?In order to maximise your payment Solar Credits are generally claimed as 15 years deeming. You will not be able to claim 15 years deeming unless the system has been installed by an installer accredited with the Clean Energy Council. The regulator requires the installer’s accreditation in order to create RECs. Are remote power systems eligible for Solar Credits?Yes, remote power systems are able to claim Solar Credits providing they meet all eligibility criteria. Can I claim Solar Credits for an upgrade to my system?No, additional panels being added to a system are not eligible for Solar Credits as it must be a COMPLETE system to qualify. What premises are not eligible for Solar Credits?Some premises have been deemed as ineligible to receive Solar Credits. Some examples are boats, caravans/mobile homes, street lights, home offices located within a house. Multiple systems at the one location are generally only able to claim Solar Credits once. Please contact our office to confirm eligibility if you are unsure.
VEEC FAQWhat is a VEEC?Victorian Energy Efficiency Certificates (VEECs) are electronic certificates created in accordance with the Victorian Energy Efficiency Target Act 2007 (VEET Act). VEECs are to encourage the uptake of energy efficient technology and play in important role in achieving the Victorian government’s target of reducing greenhouse gas emissions from households by 10% in 2010. Is my system eligible for VEECs?VEECs can only be created from prescribed activities undertaken on or after 1 January 2009 and before 1 January 2030. VEECs can only be created for residential installations (business are NOT eligible). For the complete list of registered products visit: How many VEECs am I eligible to create?The Essential Services Commission regulates the creation of VEECs and has calculators available on their website to assist in determining the number of eligible VEECs: What is the value of a VEEC?The financial value of a VEEC is dependent on the supply of and demand for VEECs. As a result this value can be variable from day to day as a VEEC is a tradable commodity. Price is held when complete and correct claims are received at our office. Please contact us for an update on current VEEC pricing. How do I claim payment for my VEECs?The Greenbank VEEC Assignment form must be completed. Form can be downloaded at http://www.green-bank.com.au/forms. All information requested on the form must be provided as it is required by ESC for the creation of VEECs. Supporting documentation must be provided with the form to complete your claim. A copy of the plumbing certificate of compliance and a copy of the invoice from the installer/supplier must be provided with the VEEC form. Claim cannot be processed without copies of both supporting documents. How long do I have to claim VEECs?VEECs must be created no later than 6 months after the end of the year in which the prescribed activity has been undertaken. For example, where a prescribed activity is undertaken in February 2009, VEECs can be created in respect of that activity up to 30 June 2010. What is decommissioning?In order to be eligible to create VEECs, the existing system must be decommissioned. Successful decommissioning results in the old item not being able to be successfully used again. Decommissioning may involve piercing/chiselling hole in tank, taken to recyclers/scrap metal etc. Disconnection of the old unit is not decommissioning as it could potentially be reconnected elsewhere. Evidence of decommissioning should be provided where possible. This may be a picture of the old system or a receipt from the recyclers/scrap metal yard. How and when will I receive payment for my VEEC claim?Greenbank process your claim with the ESC and as soon as they approve the creation of the VEECs we will make payment for your certificates. Payment is deposited directly into the bank account nominated on the VEEC Assignment Form. Any missing information or documentation can delay your payment. |
