Alternative
Formbay alternatives for solar installers
In short
Formbay describes itself as a certificate and compliance technology platform, so it is not directly comparable to a certificate buyer. It does not publish fees, rates or payment times on the pages we read, so ask it for those in writing.
Installers searching for Formbay usually want one of three things: to understand what it is, to see what it costs, or to find another route for their certificates. This page covers all three, using only what Formbay publishes about itself and a framework you can apply to any provider. It is not a review, and we do not rate anyone.
What Formbay says it is
Formbay describes itself as “Australia’s AI-enabled renewable energy certificate and compliance technology platform”. Its website says the technology is intended to improve the accuracy, efficiency and integrity of renewable energy programs and to reduce industry admin. It lists certificate creation and management, asset verification, and services for retailers, installers and homeowners, and it reports having verified 32 million solar panel serials and processed more than 140 million certificates since 2010 (all as stated on its site on 2 Oct 2026).
That places Formbay mainly in the software platform category: a system installers and retailers use to create and manage certificates, rather than, on its own description, a business whose first job is to buy your certificates at a quoted price. The distinction matters because the questions you ask differ. We explain the categories in what an STC aggregator is.
What Formbay publishes about fees and payment times
On the pages we read, Formbay does not publish a fee schedule, STC rates or payment timeframes. We are not saying none exist, only that they were not published on its site at the time of writing. If you are weighing it up, ask Formbay directly for three things in writing: what you are charged and when, when funds reach your account after you submit, and who the buyer of the certificates is.
Reasons installers look for an alternative
Most installers who look around are not unhappy with a platform. They are checking whether the economics and the support suit their business. Common triggers include:
- a change in volume, such as adding batteries under the Cheaper Home Batteries Program, where claims carry more evidence requirements
- wanting one named person to call when a claim stalls
- wanting the net dollars per certificate and the payment date confirmed before lodging
- the former Greenbot platform’s 2024 suspension, which pushed many installers to reconsider where their certificates sit (see Greenbot alternatives)
Side by side: the questions that matter
The table has one column for what to check, one for Energy Merchants and one for Formbay. Where Formbay’s site does not say, we have not guessed.
| What to check | Energy Merchants | Formbay |
|---|---|---|
| When you are paid | 24-hour settlement for established partners; first claim 48-72 hours | Not published on its site at the time of writing; ask |
| Fees and deductions | Zero fees | Not published on its site at the time of writing; ask |
| Rate | Published daily, locked on lodgement of a complete claim | Not published on its site at the time of writing; ask |
| Who checks the claim | Compliance desk pre-checks every claim | Ask who reviews photos, forms and serials; not covered in what we read |
| Who you deal with | Named account manager | Ask; not covered in what we read |
| Backing | REC Traders, trading since 2004, Smart Energy Council member | Ask who the buyer of the certificates is; not covered in what we read |
How Energy Merchants differs in structure
Energy Merchants buys certificates and publishes its rate every day on /pricing/. The rate locks when a complete claim is lodged, there are no fees, and the compliance desk checks photos, forms and serials first. Settlement is backed by REC Traders. If you want to see how a claim moves from sign-off to payment, read how it works. If you want a direct side-by-side, see Formbay vs Energy Merchants.
If you decide to move
Switching is administrative, not dramatic. Finish or close out the claims in flight with your current provider, confirm in writing which certificates they hold and which are paid, then start new jobs with the new one. Keep your assignment forms and photo sets together for each job; the STC assignment form guide and photo requirements cover what any buyer will ask for. The switch page sets out the steps.
What to do next
- Write down your monthly claim count and mix (solar, battery, hot water).
- Email each provider the same six questions from the table.
- Compare the answers as net dollars and payment dates, not headline rates.
Our longer certificate trader checklist has twelve questions if you want to go deeper.
How we wrote this. Energy Merchants is a certificate trader, so we have a horse in this race. Statements about other providers are taken from their own public websites on the date shown above and are attributed. If something here is out of date, tell the desk and we will fix it.
Sources: Formbay website (homepage)
Questions
Before you decide
Is Formbay an STC trader?
What are Formbay's fees?
What should I look for in a Formbay alternative?
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Compare us on the thing that matters: when the money lands.
Sign up, lodge one claim, and judge us on the settlement. No lock-in, nothing to cancel.