The Federal Government has decided to end the Solar Credit Scheme on the 31st of December 2012.
Consumers are advised to book in their solar power systems within the coming weeks to have their system installed prior to 31 of December 2012.
If you are unable to do so, it will mean that the prices of solar power will go up from $900 to $1500 on system costs from 1 January 2013.
Since the Labor Government came to power in November 2007, over 880,000 rooftop solar PV systems and over 560,000 solar and heat pump water heaters have received support under the Renewable Energy Target (RET). This period of unprecedented growth has been driven by the upfront support under the RET scheme, rapidly declining system costs, a high Australian dollar, State and Territory feed-in tariffs and rising network prices.
The following chart shows the continued decline of system costs and low out-of-pocket expenses despite reduction of the multiplier from 5 to 3 on 1 July 2011 and 3 to 2 on 1 July 2012.