{"id":83303,"date":"2024-05-08T05:25:13","date_gmt":"2024-05-07T19:55:13","guid":{"rendered":"https:\/\/www.solarquotes.com.au\/blog\/?p=83303"},"modified":"2024-10-02T13:00:45","modified_gmt":"2024-10-02T03:30:45","slug":"victorian-budget-202425-mb2915","status":"publish","type":"post","link":"https:\/\/www.solarquotes.com.au\/blog\/victorian-budget-202425-mb2915\/","title":{"rendered":"Victorian Budget 2024\/25: What&#8217;s In It For Energy?"},"content":{"rendered":"<p><img decoding=\"async\" class=\"aligncenter size-full wp-image-83304\" src=\"https:\/\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2024\/05\/victorian-budget-energy.jpg\" alt=\"Victorian Budget 2024\/25 - Energy\" width=\"1200\" height=\"630\" srcset=\"https:\/\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2024\/05\/victorian-budget-energy.jpg 1200w, https:\/\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2024\/05\/victorian-budget-energy-300x158.jpg 300w, https:\/\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2024\/05\/victorian-budget-energy-1024x538.jpg 1024w, https:\/\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2024\/05\/victorian-budget-energy-768x403.jpg 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p>Victoria&#8217;s Allan Government says the Victorian Budget 2024\/25 is firmly focused on helping families. Here&#8217;s what&#8217;s happening on that front in relation to energy.<!--more--><\/p>\n<p>Like many of their fellow Australians, power bills have been a source of increased hip-pocket pain for Victorians. While shopping around for gas and <a href=\"https:\/\/www.solarquotes.com.au\/energy\/\">electricity plans<\/a> can result in a better deal, there&#8217;s only so far that will go to alleviate cost of living pressures.<\/p>\n<p>While there&#8217;s nothing particularly earth-shattering in Victorian Budget 2024\/25, the Allan Government has committed to provide:<\/p>\n<ul>\n<li>$38 million more for incentives to install solar hot water and <a href=\"https:\/\/www.solarquotes.com.au\/hot-water\/heat-pump\/\">heat pump hot water systems<\/a>. Currently, the hot water rebate &#8211; calculated after any other discounts have been applied &#8211; is a 50% rebate on the purchase price of the system up to the value of $1000.<\/li>\n<li>$6.1 million more for interest-free loans for the installation of <a href=\"https:\/\/www.solarquotes.com.au\/battery-storage\/comparison-table\/\">solar battery<\/a> storage systems for eligible households. At the moment, the initiative provides interest-free loans of up to $8,800.<\/li>\n<li>$5.9 million for the <a href=\"https:\/\/www.solarquotes.com.au\/blog\/veu-solar-vic-telemarketing-mb2913\/\">Victorian Energy Upgrades (VEU)<\/a> program, which helps households switch to energy-efficient products and reduce emissions.<\/li>\n<li>$3.4 million for the Energy Assistance Program to continue to support households struggling to pay their energy bills.<\/li>\n<\/ul>\n<p>In addition to the above, other existing <a href=\"https:\/\/www.solarquotes.com.au\/rebates-subsidies\/#vic\">rebates and incentives<\/a> are still in play; including the still-generous and hugely popular <a href=\"https:\/\/www.solarquotes.com.au\/victorian-solar-rebate.html\">Victorian solar panel rebate<\/a>.<\/p>\n<blockquote><p>&#8220;Rising energy bills are a big pressure on family budgets \u2013 it\u2019s why we brought back the State Electricity Commission and we\u2019re now taking action to help families with these rising costs,&#8221; <a href=\"https:\/\/www.premier.vic.gov.au\/budget-thats-helping-families\">says a Victorian Government press release<\/a>.<\/p><\/blockquote>\n<h2>Clean Energy Transition Planning<\/h2>\n<p>Looking at the bigger picture, Victoria&#8217;s Legislative Council passed a bill in March this year that sets new renewable energy targets for Victoria &#8211; 95 per cent renewable electricity generation by 2035. The bill also sets interim emissions reduction targets of 28-33 per cent below 2005 levels by 2025; 45\u201350 per cent below 2005 levels by 2030; and 75-80 per cent below 2005 levels by 2035.<\/p>\n<p>Last year, renewables made up 37.8% of electricity generation in the state, with <a href=\"https:\/\/www.solarquotes.com.au\/australia\/solar-power-vic\/\">rooftop solar power in Victoria<\/a> contributing 8.9% (Source: <a href=\"https:\/\/opennem.org.au\/energy\/vic1\/?range=all&amp;interval=1y&amp;view=discrete-time\">OpenNEM<\/a>). There&#8217;s a lot of work left to do to achieve that 2035 target, and it&#8217;s not just about whacking a bunch of panels on rooftops and plonking wind turbines in paddocks.<\/p>\n<p>Here&#8217;s what the Allan Government has budgeted for in the financial year ahead.<\/p>\n<p>Budget 2024\/25 invests $18 million to plan for offshore wind power generation projects, and $17 million for the continuation of planning and designing a renewable energy terminal at the Port of Hastings; which is where offshore wind farm kit can be assembled.<\/p>\n<p>$10 million will go towards improving spatial risk mapping and guidance for future renewable energy projects. An additional $7.3 million will help ensure environmental assessments for such projects are finished on time. Furthermore, an added $12 million will fund VicGrid to coordinate the planning and development of Victoria&#8217;s transmission infrastructure.<\/p>\n<blockquote><p>&#8220;We\u2019re also helping workers to upskill or change careers, with $32 million for retraining in high-priority industries like disability services, clean energy and construction,&#8221; said Victorian Treasurer Tim Pallas in his budget speech.<\/p><\/blockquote>\n<p>The 2024\/25 State Budget papers <a href=\"https:\/\/www.budget.vic.gov.au\/budget-papers\">can be accessed here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Victoria&#8217;s Allan Government says the Victorian Budget 2024\/25 is firmly focused on helping families. Here&#8217;s what&#8217;s happening on that front in relation to energy.<\/p>\n","protected":false},"author":17,"featured_media":83304,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[678],"tags":[],"class_list":["post-83303","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-solar-battery-news","entry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Victorian Budget 2024\/25: What&#039;s In It For Energy?<\/title>\n<meta name=\"description\" content=\"Victoria&#039;s Allan Government says Victorian Budget 2024\/25 is firmly focused on helping families. 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