These two numbers are often mixed up, which is why people ask for “STC price today versus the Clearing House price” and “spot versus Clearing House” as separate questions. They are the same question.
Clearing House price
The STC Clearing House is run by the Clean Energy Regulator. Liable entities such as retailers can lodge a request to buy certificates there at a fixed $40. It is a purchase facility, not a market that pays installers. It exists so that the cost of complying with the scheme has a ceiling.
Spot price
Spot is the price at which certificates trade between brokers, traders and liable entities on any day. It is set by supply and demand, quoted by brokers and typically a little under $40. At the time of writing it has been roughly $38 to $40.
| Clearing House | Spot | |
|---|---|---|
| Price | Fixed at $40 | Moves daily |
| Who buys | Liable entities | Liable entities, traders, brokers |
| Speed | Queue-based | Immediate to a few days |
| Who sells to it | Not installers directly | Traders and certificate owners |
How they interact
Spot cannot rise much above $40 because buyers could use the Clearing House instead. It can fall well below if supply is heavy. When a surplus builds, the queue of certificates waiting to be bought lengthens and spot softens. When demand strengthens, usually around surrender deadlines, spot lifts toward $40. See why the STC price is below $40.
What you actually receive
Neither number is your payout. Your trader pays a rate that reflects spot, its margin and your settlement terms. At the time of writing, installers will see a rate below spot, how far below depends on speed and fees. Compare trader margins before you accept a rate.
What this means for installers
Use spot as a reference and $40 as the upper limit. Quote the customer’s STC discount from your trader’s published, locked rate, not from either headline number. Energy Merchants publishes its daily rate on the pricing page, and our daily price update page explains where to watch spot. The certificate trading glossary defines the terms, and what an STC is worth shows the dollars.