The Australian Federal Government has decided to phase out the Solar Credits mechanism six months ahead of schedule on 1 January 2013, in order to lower the impact of the high uptake of solar PV on electricity costs for homes and businesses. The multiplier was always designed to reduce over time. Bringing forward the phase-out of the subsidy will help place the industry on a sustainable path and ease pressure on electricity prices. The overall reduction in electricity bills is estimated to be in the order of US$80 to US$100m in 2013. By 2014 the small-scale scheme is expected to cost electricity consumers around 70% less than in 2012. Installation of small-scale systems and solar hot water heaters continues to be supported under the Renewable Energy Target scheme, with solar PV systems benefiting from generous arrangements that provide support for 15 years worth of generation upfront.
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