Side by side
Formbay vs Greenbot: what the record shows
In short
The Clean Energy Regulator suspended Greenbot in June 2024, so it is not a current option for creating certificates. Formbay describes itself as a certificate and compliance platform; its fees and payment times were not published on the pages we read.
People searching “Formbay vs Greenbot” are usually comparing two platforms. One of them, the former Greenbot platform, is no longer an option for new certificate creation. This page states what is on the public record, explains what Formbay says it does, and sets out what an installer should check before choosing a replacement. It does not speculate about either company’s operations.
The public record on Greenbot
The Clean Energy Regulator (CER) suspended the registration of Greenbot Pty Ltd on 11 June 2024. The regulator said it was satisfied Greenbot was not a fit and proper person, following an investigation into the administration of its online trading portal and mobile app used to create certificates in the REC Registry. A Federal Court decision on 18 October 2024 meant Greenbot could not create certificates from that date, and in June 2025 the CER reported that Greenbot discontinued its Federal Court challenge. These are the regulator’s statements; read them in full in the sources below.
For the practical side for former users, see Greenbot alternatives.
What Formbay says about itself
According to its website (2 Oct 2026), Formbay is “Australia’s AI-enabled renewable energy certificate and compliance technology platform”. It lists certificate creation and management, asset verification and services for retailers, installers and homeowners. It says it has verified 32 million solar panel serials and processed more than 140 million certificates since 2010. Fees, rates and payment times were not published on the pages we read at the time of writing.
Why a comparison is limited
Greenbot cannot currently be compared as a live service, so a feature-by-feature table would mislead. Instead the useful comparison is between what you should expect from any platform or buyer handling your certificates. The table uses Formbay’s published position and leaves unknowns marked.
| 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 |
What the Greenbot episode teaches
The point is not to pick on one company. It shows which questions installers should have asked and kept answers to.
- Who is the registered agent on your claims? The registered person creating certificates should be named, and you should be able to check its standing with the CER.
- Where do your money and your certificates sit between lodgement and payment? Ask in writing.
- What happens if the provider cannot operate? Ask how unpaid and in-flight claims would be handled, and keep copies of every assignment form and photo set so you can move them.
- Can you leave? Check for exclusivity or lock-in.
Choosing from here
Installers coming off a suspended platform commonly look at a platform, a buyer, or a combination. Energy Merchants is a buyer: published daily rate locked on lodgement of a complete claim, zero fees, 24-hour settlement for established partners (48-72 hours on a first claim), a named account manager, and a compliance desk that pre-checks claims. Settlement is backed by REC Traders. See /pricing/ for today’s rate and /switch/ for how to move. For the Formbay side, see Formbay alternatives.
Next steps
Read the CER’s statements, ask every provider the same questions, and compare net dollars and payment dates. Our trader checklist has twelve questions, and how STC audits work explains why clean records protect you whoever you use.
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) · Clean Energy Regulator: suspends registered agent Greenbot (June 2024) · Clean Energy Regulator: Greenbot discontinues Federal Court challenge (June 2025)
Questions
Before you decide
Is Greenbot still operating?
Is Formbay the replacement for Greenbot?
What should former Greenbot users check first?
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