The Australian Federal Government:

Renewable Energy Certificates (RECs)
With the introduction of the Renewable Energy (Electricity) Act 2000, a new form of “currency” was introduced by way of Renewable Energy Certificates (RECs). Under the Act, a Mandatory Renewable Energy Target (MRET) was implemented which forces energy retailers to obtain part of their energy supplies from renewable sources in order to meet the target. If they are unable to do that they can offset an equivalent amount of energy by purchasing RECs which are, in turn, created by the installation of renewable energy generating appliances like solar electric panels or energy offsetting appliances like solar hot water systems.

For solar water heaters and solar electricity systems one REC represents the equivalent of one megawatt hour of renewable energy generation. To be eligible, solar water heater manufacturers must submit their products for testing in Government approved laboratories. The more efficient they are, the more RECs they are awarded. RECs are bought and sold on the open market by  registered REC agent who will buy your REC credits back with the least of fuss. REC prices consequently fluctuate up and down according to the economic forces of supply and demand. Ballina Hot Water Specialists are able to purchase your REC’s therefore giving you a lower cost for your product installation.
Purchasers of solar hot water systems are entitled to receive the allocated RECs and can sell them on the open market if they so desire. However, most people choose to assign the RECs back to the manufacturer or retailer for an agreed price which, in effect, amounts to a point-of-sale discount or de-facto rebate. You should discuss the question of your RECs discount with Ballina Hot Water at the time of your purchase or contact us.(NEED TO CHANGE LINK)
The Australian Federal Government offers a $1,000 rebate if you:

1. Remove an electric hot water system
2. Replace it with a system 20 or greater REC’s
3. The privately owned building that is a principle place of residence of the owner or tenant.

REC’s calculator for solar hot water
https://www.rec-registry.gov.au/swhCalculatorInit.shtml

Solar Rebates
The New South Wales State Government

The NSW Government has recently introduced a state scheme that allows owners who meet certain eligibility requirements, to benefit from installing a solar hot water system. Further to the Federal REC scheme, the NSW Government offers the following rebates:

 *conditions apply
Full details can be obtained at the relevant website, http://www.basix.nsw.gov.au/ and also http://www.environment.nsw.gov.au/ .