MEFL and ATA strongly support the proposed changes to the Renewable Energy Target (RET) scheme and thus the timely passage of the Bills. As proposed, the passing of legislation and adoption of the changes will see a re-invigoration of the large-scale renewable energy industry as well as increased certainty and confidence to small-scale renewable energy proponents.
MEFL and ATA firmly believe that the integrity of the Renewable Energy Target is compromised by the existence of the Solar Credits multiplier mechanism and the creation of ‘phantom RECs’ under the existing Renewable Energy Target arrangements.
Further, the dilution of the Renewable Energy Certificate (REC) market via an influx of RECs from small-scale renewable energy technologies such as solar hot water and solar electricity has lead to a collapse in the REC price and a shelving of large-scale renewable energy projects around the country.
The proposed legislation with separate schemes for small-scale (SRES) and large-scale (LRET) renewable energy will help solve these concerns and thus should be supported as a matter of priority.