$1.6 billion has been earmarked in Victoria’s Budget 2020/21 for supporting renewables, related infrastructure, electric vehicles and energy efficiency initiatives.
Here’s some of what the cash will be spent on:
Renewable Energy Zones And VRET Auction
$682 million will go towards developing Renewable Energy Zones (REZs) in the state. REZs are areas where renewables can be concentrated to better coordinate investment in energy generation, storage and transmission, and act as a signal to investors as to where they’ll be able to establish projects.
The $682 million includes cash to kick off planning for “at least” 600 megawatts of new capacity via another Victorian Renewable Energy Target auction.
“It’s a three-in-one investment – establishing Renewable Energy Zones will create local jobs, reduce power prices and advance our work to tackle climate change,” said Minister for Energy, Environment and Climate Change Lily D’Ambrosio.
Community Energy Projects
$21 million is being set aside for local clean energy projects such as microgrids, stand-alone power systems and community batteries. An additional $21 million will assist community groups with the installation of renewable energy systems, storage and energy efficiency improvements for community buildings, and also support the ResourceSmart Schools program.
Energy Efficiency Upgrades
250,000 low income households and 35,000 social housing properties will benefit from a total of $448 million for energy efficiency upgrades – making life a bit more comfortable while slashing emissions and energy bills. This will include replacing old inefficient heaters with new energy-efficient systems and draught-proofing.
Solar Homes Expansion
As previously reported, $191 million will be spent to expand the Solar Homes program (aka Victoria’s solar rebate), including bringing forward 42,000 additional solar rebates for households. Additionally, 15,000 solar rebates will be available to small businesses for the first time.
Victoria’s solar panel rebate has been hugely popular, if somewhat problematic at times.
“More than 100,000 households have now installed half-priced power stations on their roof at no upfront cost through the Government’s Solar Homes program,” states a budget press release.
As generous as the scheme is, the claimed “no upfront cost” is incorrect as SQ’s Ronald recently pointed out.
In relation to home batteries, rebates have been limited to specific postcodes to this point, but soon and 17,500 battery rebates will be released over the next three years.
The Solar Homes expansion and the energy efficiency upgrades are part of an overall $797 million household energy efficiency package that also includes a $14 million expansion of the Victorian Energy Upgrades program and a one-off $250 payment for eligible concession card holders.
EV Fast-Charging Network
A very welcome $25 million will be spent on the rollout of a fast-charging network for electric vehicles on major highways and at key tourist destinations in the state.
On a related note, not so welcome is a recently proposed electric vehicle road usage tax.
Victorian Treasurer Jim Pallas said Budget 2020/21 will drive the biggest growth in clean energy jobs that Victoria has ever seen.
“It will help us work towards our State’s goal of net zero emissions by 2050, because climate change is real and it needs immediate action,” he stated. “This package will cut energy costs for Victorian businesses and households, create jobs and attract new investment.”
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