Greenbank Environmental is the largest independent REC agent and emissions trader in Australia where all brands and system models are registered.
Customers who install solar power, solar water heating and other renewable energy technologies are helping to reduce greenhouse gas emissions. This entitles them to create environmental credits or RECs which are a commodity and tradeable like shares on the Australian Stock Exchange. Like other commodities the price of RECs is not fixed and varies with supply and demand. 1 REC equals 1MWh of generation from a renewable source and is part of the Mandatory Renewable Energy Target which is an industry development mechanism created by government in 2001.
The number of RECs to be created depends on the size, type and location of customers’ PV installation in Australia. The output of the PV system is calculated over 5 or 15 years:
- Creating RECs in blocks for the life of the system over 5 years, this could be 5 x 4 blocks or 5 x 5 transactions.
- Creating RECs for a single block of 15 years with a single transaction.
- The single transaction is attractive to most people as it is efficient and can be given as a point of sale discount when purchasing the system. This significantly offsets the capital cost. For example; a 1.5kW system would create approximately 20-30 RECs for zone 3 postcodes.
- photo-voltaic or solar systems
- wind systems
- solar water heaters
- heat pumps