This page covers three searches: how unregistered STCs are priced, what the registered versus unregistered price gap looks like, and what payment for unregistered certificates means. The gap is a risk price. Understanding it lets you compare traders properly.
The definitions
- A registered STC has been validated by the Clean Energy Regulator and can be transferred. See the glossary entry.
- An unregistered STC is created in the registry but still awaiting registration. See unregistered STC.
The difference is a matter of risk and time. A registered certificate has passed the check. An unregistered one has not.
Why the price differs
A trader that buys unregistered certificates takes on three risks:
- Validation risk. The claim might fail on documents, serials or eligibility.
- Time risk. The trader’s money is tied up until registration.
- Market risk. The spot price can move before the certificates are sold.
Traders price those risks differently. Some pay a lower rate for unregistered certificates. Some pay the same headline rate but only for pre-approved partners. Some quote one rate and apply recalls if claims fail. None of these are wrong. The point is that they are different products.
The reference points
At the time of writing, the STC spot market has been roughly $38 to $40. The STC clearing house, which sells registered certificates, has a $40 ceiling. Traders pay installers less than the market because they take on the cost of validating, holding and selling. For what a fair gap looks like, see STC trading price versus the clearing house and the STC spot price.
How to compare traders
Ask the same four questions of each:
| Question | Why it matters |
|---|---|
| What rate for unregistered certificates? | Many headline rates are for registered only |
| What starts payment? | Submission, registration or settlement |
| Is the rate locked, and when? | Locked at lodgement removes market risk |
| What happens if a claim fails? | Recall terms decide who carries the risk |
What this means for installers
Do not compare a headline rate. Compare the full package: rate, trigger, lock, recall and fees. Our published rates and settlement terms live on pricing, and rates are locked when a complete claim is lodged. For why a trader’s price differs from spot, see what price installers actually get and what an STC is worth in 2026.
Read registration versus settlement for how the timeline affects your cash, and see how it works for the claim flow.