THE Federal Government has closed off its $8000 domestic solar panel rebate today, nearly three weeks early, after the cost reached more than $700 million. The rebate was to end on June 30 to be replaced with a new system of renewable energy credits.Announcing the changes Environment Minister, Peter Garrett said in a media statement that he was releasing the final legislation for the expanded Renewable Energy Target (RET) today.This will allow for the creation of a new solar credits system to replace the existing Solar Homes and Communities Plan."Completed applications for the Solar Homes and Communities Plan which have already been sent, or are sent by today (Tuesday June 9), will be accepted for assessment, while all new installations of small-scale solar, wind and hydro systems will be eligible for Solar Credits from today.""Solar Credits will build on the largest ever investment in solar panels in the nations history under the Solar Homes and Communities Plan, with more than 80,000 solar systems set to be installed on Australian rooftops since the Rudd Government came to office," he said.Mr Garrett said the Government had committed over $700 million to the SHCP, more than four times the Governments original commitment, and would ensure all existing eligible applications would be funded to ensure a smooth transition to Solar Credits."There are currently more than 63,000 solar installations still in the pipeline, including rebates either pre-approved or applications received."This means that not even accounting for Solar Credits, there is about 12 months work based on the industry's current rate of installing around 1000 solar PV systems a week, still in the system as a result of the Solar Homes and Communities Plan."Mr Garrett said homes, businesses and community organisations all over Australia installing renewable energy systems on or after today will receive Solar Credits following passage of the Renewable Energy Target legislation.More information regarding the new Solar Credits program is available at www.climatechange.gov.au, and information on the Solar Homes and Communities Plan is available at www.environment.gov.au/rebates