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Australian government cuts support for solar

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(Business Spectator)-The federal government has announced it will wind up incentives to install household solar panels early than expected, in a bid reportedly engineered to reduce power bills by up to $100 million next year.

In a statement, climate change minister Greg Combet said the Solar Credits mechanism will end six months ahead of schedule on January 1, 2013.

Mr Combet said the early phase out will lower the impact of the high uptake of solar PV on electricity costs for homes and businesses.

"The Solar Credits mechanism provided additional support for installations of small-scale solar PV by multiplying the number of certificates these systems could usually create under the Renewable Energy Target (RET) scheme," the statement said.

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