The announcement by Victorian Energy, Environment and Climate Change Minister Lily D’Ambrosio was made ahead of Tuesday’s budget, with the payment available to households that seek out a better energy deal through Victoria’s Energy Compare website.
“This one-off $250 payment provides immediate financial relief for those struggling to pay their power bills, while also helping Victorians find a better energy deal,” Ms D’Ambrosio said.
“The fastest way to bust energy bills is to look for a better offer, with households able to save an average of $330 in the first year alone – that’s what this Power Saving Bonus is all about.”
Labelled either a “bill busting bonus” or “power saving bonus” by the government, it will cost taxpayers in the order of $250 million and be available from July 1 until June 30, 2023.
Ms D’Ambrosio said the new payment followed on from the government’s $50 power saving bonus announced in the 2018-19 budget and its $250 bonus for concession recipients announced in the 2020-21 budget.
Households that have accessed those previous payments will also be eligible for the new payment.
“We know that the cost of living has become a significant issue,” Ms D’Ambrosio said.
“This is really important assistance now when Victorians really need it.
“We’ve got a suite of programs for Victorians already and all collectively mean Victoria has the lowest power prices in the country.”
Households are not under any obligation to change providers under the scheme, only to review their deal on the website.
Government statistics claim seven out of 10 users can save money by switching providers, with typical savings of $330 in the first year of switching.
Victorians who do not have access to the internet can apply for the bonus through the Victorian Energy Compare helpline or through a community outreach organisation.
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