Australia has reached a major milestone of 4 million small-scale renewable energy systems which have been validated with small-scale technology certificates (STCs).
This major milestone makes the Clean Energy Regulator’s (CER) Small-scale Renewable Energy Scheme (SRES) the Australian Government’s most successful renewable energy scheme.
Rooftop solar is playing a significant role in the Australian Government’s target to achieve 82% renewable energy by 2030, while at the same time, reducing the cost of living for energy consumers.
The growing demand shows it has become one of the most effective ways for households and businesses to take control of their electricity bills. More than 300,000 solar systems have been installed each year since 2020 under the SRES, with the average household saving over $1,500 annually.
Purchasing and installing renewable energy systems through the SRES can reduce installation costs by about 30% for rooftop solar, solar water heaters and air sourced heat pumps.
With 1 in 3 suitable Australian homes now having rooftop solar, payback periods for solar PV systems have reduced substantially since the SRES began in 2001. It now takes an average of 3.5 years for households and businesses to pay off their solar system.
Australians are also investing in larger rooftop solar systems in 2024. According to the latest QCMR report, the average system size in Q3 2024 was 9.9 kilowatts (kW), up 5% from 9.4 kW during the same period in 2023.
2024 is on track to be a bumper year with the installed capacity of small-scale solar systems expected to reach a total of 3.15 GW in 2024. This is close to the record of 3.19 GW installed in 2021.
Rooftop solar generated more than 12% of electricity for the grid in the 12 months to August 2024. This not only provides benefits of lower energy prices for those with a solar system installed, but also lowers energy prices across the grid, which benefits all Australians.
Along with providing lower energy prices and cost of living relief, the renewable energy sector supports many Australian jobs. As of February 2023, there were over 26,000 workers employed in Australia in renewable energy sector across solar, wind and storage.
The SRES is part of the Renewable Energy Target (RET) and will continue to provide financial incentives to install small-scale systems through to 2030.
For further information on small-scale and large-scale renewable energy generation, view the latest QCMR report and sign up for updates.