Should solar installations increase, households could receive some relief to electricity bills after the Clean Energy Regulator cut the requirements for retailers.
Energy retailers will have to purchase significantly fewer renewable energy certificates this year, which could offer some small price relief to households struggling with soaring costs of living.
The owners of household solar systems are eligible to create certificates for every megawatt hour of power they generate, which are then purchased by retailers to meet their renewable energy obligations under the Renewable Energy Target. “Downward pressure on price would come from any unexpected increases in rooftop solar installations, for example from more households installing solar as a result of high retail tariffs, or better than anticipated weather that facilitates higher installation rates,” said one retail executive.Interest in solar is expected to grow over 2023 as households struggle with rising electricity prices.
Early forecasts suggest El Niño, which is associated with hot, dry weather across the east coast, will return later in 2023 and analysts said that could drive an increase in rooftop solar as households look to capitalise on the better weather to generate their own electricity. An El Niño could also increase demand on the grid as households look to cool their homes.But the outlook for solar is complicated by rising interest rates.
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