The NSW Opposition has made a new climate change policy announcement promising a buy back scheme for homes which install solar panels.
It costs $12,000 to install solar panels on a house, and according to Opposition Leader Barry O’Farrell that cost could be paid off in 10 years under his renewable energy buyback scheme.
Households and businesses with panels will receive money for power they produce, which gets fed back into the grid.
If 5,000 households take advantage of the scheme, it’ll be the equivalent greenhouse gas reduction of taking more than 16,000 cars off the road.
Mr O’Farrell says the scheme has proved successful elsewhere.
“The sort of scheme operating in Victoria and South Australia could assist a homebuyer payback the price of a solar power system for their home within 10 years.
“It’s a great initiative, it’s a great way to reward good behaviour, it’s a great way to send a green signal to the entire community…”
Mr O’Farrell says he’ll implement the scheme immediately if elected in 2011.