2024 is here and some major updates in the renewable energy sphere are upon us. With some minor and major impacts on home and business owners, let’s look at what the new year has in store for Australians.
Federal updates and changes in 2024
The greatest change to impact all Australian homes and small-scale systems is the reduction of the allocation of Small-scale Technology Certificates (STC). As we inch closer to the end of the program in 2030, the number of STCs assigned to each system will diminish. January 1, 2024, ushered in the planned reduction that will see solar systems, battery storage, heat pumps, and other small-scale systems issued with fewer STCs.
What does this mean for homeowners and small-scale systems installed in businesses?
Most individuals or businesses who install small-scale systems assign their STCs to the installer. The installer then applies a discount to the total cost of the system in line with the value of the STCs. A system installed in 2024 will receive fewer certificates than a system installed in 2023. Let’s have a look at the difference for a 10kW solar system installed in Melbourne. We will use the current STC value of $37:
2023: 94 certificates for a total value of $3,478.00
2024: 82 certificates for a total value of $3,034.00
The same system installed in 2024 will see a loss of $444.00 in upfront savings compared to 2023.
Continued federal electric vehicle subsidies
In Australia, luxury vehicles brought in and assessed at over $76,950 during the 2023-2024 fiscal year face the luxury car tax (LCT). However, there’s a higher threshold of $89,332 for fuel-efficient vehicles, which includes zero-emissions vehicles (ZEVs). This adjustment aims to boost the adoption of low and zero-tailpipe emission vehicles.
News South Wales (NSW) updates in 2024
The $3,000 NSW Electric Vehicle Rebate ended on 31 December 2023. Any EV purchased prior to 1 January 2024, even if awaiting delivery, may still be eligible for the rebate. Applications must be lodged before 30 June 2024. Buying both new and pre-owned electric vehicles below $78,000 are exempt from stamp duty charges.
Incentives for low-income households to install solar, as well as household energy upgrades, are still available in NSW. More information can be found at NSW Climate and Energy Action.
Victoria (VIC) updates in 2024
As of 1 January 2024, no new residential home builds will be connected to gas. Homes with building permits before this date are exempt. The Victorian Energy Upgrades program will also expand to include induction cooktops. A minimum of a 7-star energy rating will be mandatory for all new homes from May 2024. You can read more about Victoria’s Gas Substitution Roadmap here.
The EV rebate slated to end in May 2024 ended early in June 2023. The $3,000 rebate for all new EVs bought for less than $68,740 ended with a low uptake of the program. Luxury vehicle stamp duty rates do not apply to any Zero Emission Vehicles (ZEVs); instead, they incur a fixed charge of $8.40 for every $200 of market value, irrespective of their buying price.
Solar, hot water systems, battery storage, and other renewables continue to be subsidised or provided loans into 2024. More information can be found at Solar Victoria.
South Australia (SA) updates in 2024
The Electric Vehicle purchasing subsidy and stamp duty exemption ended on 31 December 2023. The incentive applied to all new electric vehicles priced below $68,750, encompassing the goods and services tax, dealer delivery fees, and accessories. However, it did not cover government fees like registration and mandatory third-party insurance. The ending of the subsidy and exemption will see South Australians paying more for new EVs.
There are no existing or new solar rebates or incentives available in South Australia. Households may be eligible for free or discounted home energy upgrades. Read more about the offers here.
Adelaide hosting AUSIREC 2024
Adelaide is set to host the 2024 International Renewable Energy Conference, bringing together global leaders and experts to focus on renewable energy advancements. This conference will showcase Australia’s commitment to sustainable energy solutions, providing a platform for international collaboration and discussions on accelerating the adoption of renewable technologies. The event aims to bolster global efforts in transitioning to cleaner energy sources, emphasizing Australia’s role in shaping a sustainable and greener future. AUSIREC 2024 will be held on April 7-11, 2024
Australian Capital Territory (ACT) updates in 2024
Canberran new and used EV owners will enjoy two years of free vehicle registration until the exemption ends on 30 June 2024 (with the free registration ending 2 years after the date of registration). You can read more about the changes via Access Canberra.
New Zero Emissions Vehicles (ZEV) will continue to benefit from stamp duty exemption until 2030
Queensland (QLD) updates in 2024
Queensland’s Zero Emission Vehicle Rebate Scheme offers qualified residents rebates of up to $6,000 for the purchase of eligible new Zero Emission Vehicles starting from April 21, 2023.
Electric and hybrid vehicles benefit from a 33% reduction in stamp duty, levied at $2 per $100 of the sales value for amounts up to $100,000 and $4 per $100 beyond that threshold. In contrast, higher-emission vehicles face stamp duty of up to $6 per $100.
Western Australia (WA) updates in 2024
The Western Australia ZEV rebate scheme will grant a $3,500 rebate for eligible zero-emission vehicles. This rebate is applicable to 10,000 eligible vehicles licensed in WA or for a period of three years following the announcement on Saturday, May 10, 2025, whichever occurs first.
Tasmania (TAS) updates in 2024
As of June 2023, there are no rebates or stamp duty exemptions for ZEVs in Tasmania.
Northern Territory (NT) updates in 2024
Until 30 June 2027, Territorians can receive up to $1,500 of stamp duty concessions on new or used electric, fuel-cell, or plug-in hybrid vehicles valued at up to $50,000. New or used plug-in electric vehicles (PEVs) are also eligible for free vehicle registration.
Home and business owners are also eligible for the NT Electric Vehicle Charger (Residential and Business) Grants Scheme which provides $1,000 (residential) and $2,500 (business) grants for the installation of an EV charger. This scheme ends on 30 June 2024.
The Northern Territory Government has greenlit the acquisition of a substantial battery for the Darwin-Katherine grid. This Battery Energy Storage System (BESS) aims to enhance power supply stability and reliability, curtail carbon emissions in the Territory, and facilitate greater integration of renewable energy from sizable solar ventures. Anticipated to come online in 2024, the BESS holds the promise of substantial advancements in the region’s energy landscape.
Don’t let the current rebates and incentives slip away
With rebates and incentives reducing and changing every year, the time to go solar is NOW. Energy Matters can help you choose the best system and installer for your home or business. We connect our customers with local and trusted solar for FREE. You will be provided with up to 3 FREE quotes for solar, batteries and more. Take advantage of current rebates and incentives TODAY!