Record numbers of RECs created in October
23 Nov 2010
The continued growth in the number of PV systems installed has once again led to record numbers of RECs created in October.
Over 2.5 million PV RECs were created in October – an 11% increase from September levels. PV REC creation has increased consistently since February 2010 and in recent months has been strongly underpinned by systems sold in NSW. With the dramatic reduction of the NSW feed-in tariff announced recently, we expect a large number of PV system sales will be brought forward as people hurried to make the deadline. As these systems are installed in the coming months and into 2011, the strong rate of PV REC creation from NSW is likely to continue.
SWH REC numbers slowed further in October, with about 299,000 RECs created compared to 345,000 in September and 426,000 in August. A dramatic reduction in SWH system sales in NSW has been the greatest contributor to the decline.
The increasing levels of RECs being created from solar has lead to a softening in the wholesale REC price and we have seen prices fall by $2 to $3 over the last few weeks.