Simon Corbell has announced that the Independent Competition and Regulatory Commission has advised him the solar feed-in tariff scheme should drop payments from 45.7c per kilowatt hour down to 39c.
“This advice from the ICRC Senior Commissioner to change the price is based on the ICRC’s assessment of increased competition in the Australian market, and the apparent long term reduction in the cost of solar panels and accompanying equipment.”
Under the Electricity Feed-in (Renewable Energy Premium) Act 2008, the minister is required to seek advice from the ICRC about the premium rate, circulate that advice to the members of the Legislative Assembly, and make a formal determination on the price that will apply from July 1, 2011.
Simon now has to consider this advice, and presumably the input of the solar industry before making a final decision at the beginning of April as to what the price will be from 1 July.