STC spot vs clearing house vs a locked rate: how to compare

Written and checked by the Energy Merchants desk · Reviewed 2 October 2026

Three phrases come up whenever installers talk about STC pricing: spot, clearing house and rate lock. They describe different things, and mixing them is how an installer ends up comparing a price with a timing.

Side by side

The clearing house

The Small-scale Renewable Energy Scheme guarantees a buyer for STCs at a fixed price through the clearing house, which is why $40 acts as a ceiling for the spot market. The trade-off is that you are paid when the transfer is processed, which is not something you control. Check the Clean Energy Regulator’s own page for how processing and payment currently work, as it changes.

Spot

On the spot market, prices have been roughly $38 to $40 at the time of writing. It tracks supply and demand day to day, but because the clearing house caps the price, the spot market spends most of its time slightly below $40. The gap is what a buyer charges, in effect, for taking the timing and handling off your hands.

Rate lock versus spot

A “rate lock” simply means the price stops moving at some point. The question is where that point is:

• When you lodge a complete claim.
• When the buyer accepts the claim.
• When the certificates are transferred.
• Never (the price you are paid is the price on the day of settlement).

Those are four different products with the same name. Ask each provider for the exact moment in writing, and ask what counts as a complete claim.

How we do it

We publish our rate daily on /pricing/ and lock it when a complete claim is lodged, charge zero fees, and settle established partners within 24 hours (first claim 48 to 72 hours). Settlement is backed by REC Traders. This is how we describe our own terms; compare them against any other provider’s, including your own sale on the open market.

What to compare

1. Net dollars per STC after every deduction.
2. Where the price is fixed.
3. How long until the money arrives.
4. Who handles a rejected or invalidated certificate.

For the how-to, see how to compare STC traders and self-register vs trader. For what STCs are worth and why, see what is an STC worth in 2026 and how long should STC payment take.

A worked comparison

Suppose a business has 200 STCs from a month’s installs. At $40 through the clearing house, that is $8,000, paid when the transfer is processed. At a spot or locked rate of $39, it is $7,800, paid on the buyer’s settlement terms. The $200 gap is the price of a different timing and handling arrangement, not a loss in itself: if waiting costs you more in cash flow than $200, the lower figure is the better one, and if you can wait without difficulty, it is not. These figures are illustrative at the time of writing and will not hold as the market moves. The point is the method: put price and timing in the same calculation, then decide. For a business that runs on thin working capital, a faster cycle is often worth more than the headline rate; for one with a cash buffer, the reverse may hold. Only you know which you are, and it can change month to month.

A fair verdict

The clearing house gives price certainty and a wait, spot gives a market price and market risk, and a lock gives a known number from a known point. None is best on its own. Compare the full package, price and timing, and see /stc-trading/ for our process. The glossary defines the terms used here.