The Victorian Government has introduced a Bill to legislate an increase to the Victorian Renewable Energy Target (VRET) to 50 per cent by 2030, which would provide a significant boost to the renewable energy industry in the state.
Lily D’Ambrosio, Minister for Energy, Environment and Climate Change, spoke of the impact of VRET.
“VRET has helped create a jobs boom – increasing it will mean more jobs, more investment and lower power bills,” Ms D’Ambrosio said.
“These targets help industry to invest with certainty, creating local jobs – particularly in regional Victoria.
“Victoria is the renewable energy capital of Australia and strengthening the VRET in law will keep it that way – boosting jobs, reducing emissions and driving down energy prices.”
The Renewable Energy (Jobs and Investment) Amendment Bill 2019 builds on the government’s VRET legislation, which will ensure 25 per cent of electricity generation comes from renewable sources by 2020, and 40 per cent by 2025.
A strong renewable energy target boosts the pipeline of renewable projects and encourages businesses to invest in the local supply chain.
An increased VRET will create around 24,000 jobs by 2030 and provides certainty and investor confidence for the renewable energy industry, driving an additional $5.8 billion in economic activity in Victoria.
The VRET is not only creating thousands of jobs, it’s boosting TAFE enrolments – with Federation University establishing a dedicated Global Wind Organisation Standard Course to give Victorians the skills they need for work in this booming industry.
Putting more renewable energy on the grid will also drive down the cost of power for Victorians – delivering savings of around $32 a year for households, $3100 a year for medium businesses and $150,000 each year for large companies.
The increased target will also help drive down emissions – achieving a VRET of 50 per cent by 2030 is the equivalent of taking 655,000 cars off the road for a year.
The VRET is part of the government’s ongoing work to help Victorian families take back control of their energy costs – with Solar Homes delivering solar panels to 700,000 homes, solar hot water systems to 60,000 homes and solar batteries to 10,000 homes over the next ten years.