Comparison
STC aggregator, broker or platform: what's the difference
In short
Aggregator, broker, platform and buyer overlap in the STC market, so the label tells you less than the contract. Ask who pays you, who is the registered person on your claim, and what you receive per certificate after deductions.
“Aggregator”, “broker”, “platform”, “buyer” and “trader” are used loosely in the STC market, and installers searching for an STC aggregator in Australia often get results that mix them up. This page defines each term, describes what well-known providers say about themselves, and gives the questions that matter regardless of label. The label tells you less than the contract.
The terms, plainly
Aggregator. A business that collects certificates from many installers and sells them on in bulk. Whether it takes the price risk or passes the proceeds through is a commercial question to ask.
Broker. An intermediary that arranges a sale between you and a buyer, often for a fee or a share. Ask how it is paid.
Trading platform. Software that lets installers create, manage or sell certificates. It may or may not be the party paying you.
Buyer or trader. A business that purchases your certificates and pays you.
Certificate creator. A business that generates certificates and audits projects.
These overlap: one business can create, aggregate and buy. That is why asking “who pays me, and who is the registered person on my claim” matters more than the label.
What well-known providers call themselves
According to their own websites (checked 2 Oct 2026):
- Formbay: “Australia’s AI-enabled renewable energy certificate and compliance technology platform”.
- Ecovantage: “a certificate creator and project auditing specialist”.
- Demand Manager: helps organisations realise savings by bringing finance to clean energy projects, operating since 2005, with services offered on a success-fee basis.
- Green Energy Trading: “18 years and strong”, with an “in-house platform for all activities”.
- Emerging Energy: a certificate trader established in 2011, as indexed.
- One Stop Warehouse: a wholesale distributor with an STC service run with a trading partner, as indexed.
- REC Traders: describes helping installers, businesses and homeowners claim and trade certificates, and is a Smart Energy Council member.
REC Traders is our affiliate; Energy Merchants is the partner-facing brand and REC Traders provides settlement behind it. None of these descriptions is ours, and we have not tested any service.
Where Energy Merchants sits
Energy Merchants is a buyer. It publishes a rate daily on /pricing/, locks it on lodgement of a complete claim, charges zero fees, settles established partners within 24 hours (first claim 48-72 hours), and assigns a named account manager with a compliance desk that pre-checks every claim.
Side by side: what to check
| What to check | Energy Merchants | Aggregator, broker or platform |
|---|---|---|
| When you are paid | 24-hour settlement for established partners; first claim 48-72 hours | Ask, in writing; not covered in what we read |
| Fees and deductions | Zero fees | Ask for the net dollars per certificate; not covered in what we read |
| Rate | Published daily, locked on lodgement of a complete claim | Ask when the rate is fixed; not covered in what we read |
| 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 |
The questions that cut through labels
- Who pays me, and when?
- Who is the registered person on my certificates, and can I check them?
- What do I receive per certificate after every deduction?
- What happens if a certificate is invalidated?
- Can I leave, and what happens to claims in flight?
Why the distinction matters
A platform that creates certificates raises compliance questions: serials, photos, evidence. A buyer raises price and timing questions. A broker raises fee questions. If you do not know which you are dealing with, you may ask the wrong ones. For the full set, see how to compare STC traders and the STC trader comparison.
Next steps
Work out which kind of provider solves your problem, ask the same written questions of two or three, and compare. If you are moving from another provider, /switch/ explains how. For terms, see certificate trading glossary, and for our process see how it works.
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) · Ecovantage website · Green Energy Trading website · Demand Manager website · One Stop Warehouse (OSW) website, STC trading page (as indexed) · REC Traders website · Emerging Energy: STCs page (as indexed)
Questions
Before you decide
What is an STC aggregator?
What is the difference between an STC broker and a trader?
Is Energy Merchants an aggregator?
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