The Act operates on a calendar year (1 January–31 December). The process for participating in the LRET and SRES is:

• Apply to become a registry user—individuals or companies wishing to become a registry user must create an account in the REC Registry. At this point individuals or companies are only able to own and transfer registered certificates or make mandatory or voluntary certificate surrender offers.
• Complete a Registered Person Application and pay an application fee—if individuals or companies wish to create certificates, a registered person application must be lodged with the Clean Energy Regulator and a $20 application fee (excl. GST) paid. If the individual or company wishes to sell their STCs via the STC Clearing House they must complete online registration and the proof of identity process.
• A Registered Person Application is approved when registration is successfully completed. A registered person may:
  • seek accreditation of a renewable energy power station for which they are a nominated person, by applying to the Clean Energy Regulator. If the renewable energy power station is accredited, then LGCs can be created for eligible electricity generation above the renewable energy power station’s baseline
  • create STCs for an eligible solar water heater, heat pump, small-scale solar panel, wind or hydro system, and
  • apply for registration as an Agent. If successfully registered, an Agent can create STCs on behalf of owners of solar water heater, heat pump, small-scale solar panel, wind and hydro installations who assign their right to create STCs to the Agent.

Registered certificates

STCs and LGCs created by registered persons are checked and either validated or failed by the Clean Energy Regulator.

For STCs and LGCs to be registered they must be validated and the applicable registered person must pay an 8 cent registration fee per LGC for renewable energy power stations and an 8 cent fee per STC for solar water heaters and heat pumps. If the STCs are created for a small-scale solar panel, wind or hydro system on or after 17 October 2011, a 47 cent fee must be paid per STC.

Registered certificates can be:

• transferred between parties who have an account in the REC Registry
• surrendered by liable entities to discharge their mandatory liability under the Act. Certificates surrendered by liable entities under Section 29 of the Act and accepted are marked 'invalid due to surrender’ in the REC Registry, and
• voluntary surrendered under Section 28A for any reason. All registered owners of certificates can choose to make voluntary certificate surrender offers for any reason. Voluntary surrender relates to 'Voluntary Surrender’ in Chapter 2 of this report.

Certificates accepted for surrender are permanently removed from the market.

Reporting period

Participants are required to report their annual activities such as electricity generation, solar water heater, heat pump, small-scale solar panel, wind or hydro system certificate information, and relevant acquisitions of electricity for each calendar year by 14 February of the following year by lodging annual returns or statements.