The new Victorian Solar Homes solar incentive rebate is a proven way to bring down energy costs, according to a regional energy expert.
Announced on Sunday, the Victorian Government will pay half the solar panel system costs outright for the first 24,000 homes that apply up until June 30, 2019.
The Australian Labor Party government promises to help fund a total of 650,000 solar installations if it wins November’s state election.
Solar incentive offers Victorians significant savings
Goulburn Valley Community Energy chief executive Geoff Lodge says renewable energy investment is effective in reducing the wholesale cost of electricity.
Areas like the Goulburn Valley are prime solar resources, he told the Shepparton News. That’s because solar panels in northern Victoria generate more electricity than metro areas because the region receives more sunshine.
Lodge’s calculations show a solar power system installed today could be paid off in four to five years for most households.
The Victorian Solar Homes scheme will extend from July next year under a re-elected Labor Government. In the extended scheme, households will get an interest-free loan from the government for ha;f the cost, paid back over four years.
State and federal energy schemes ‘chalk and cheese’
Lodge says the Victorian scheme will be far more effective than the federal-backed National Energy Guarantee. The two energy policies are “chalk and cheese” he says.
On the federal front, the NEG is stalling. Prime Minister Malcolm Turnbull is trying to steer it past opposition from industry groups and his own pro-coal Coalition MPs.
Yesterday, Turnbull also announced a switch from legislated to regulated emission targets, which some say effectively negates the NEG.
Lodge claims this shows a lack of transparency and ambition.
Solar hot water systems also up for rebate
Victorians can also access a $1,000 rebate for swapping their old hot water system for a new solar powered one.
The systems should save households between $160 and $400 a year in electricity bills. The $60 million scheme will run for 10 years.
Households must choose between the two schemes because they cannot sign up for both. The hot water rebate is for people who cannot install solar panels.
Both plans are available to households with a combined income of up to $180,000. Eligible applicants must also live in their own home of up to $3 million in value.
Find out how Energy Matters can help you benefit from this game-changing solar rebate here.
