New legislation to boost Victoria’s Renewable Energy Target, help put more energy into the grid and drive down energy prices has passed in the Victorian Parliament.
Legislation to boost Victoria’s Renewable Energy Target (VRET) to 50 per cent by 2030, building on the existing targets of 25 per cent by 2020, and 40 per cent by 2025, passed Victorian Parliament and is now enshrined in law.
A strong renewable energy target encourages businesses to invest in the local supply chain, boosting employment, particularly in regional Victoria.
The increased VRET will create around 24,000 jobs by 2030 and provides certainty and investor confidence for the renewable energy industry, which is expected to drive an additional $5.8 billion in economic activity in Victoria.
Putting more renewable energy on the grid will drive down the cost of power for Victorians – delivering savings of around $32 a year for households, $3,100 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 2018-19 Progress Report, released on 29 October, shows Victoria is well on track to meet the ambitious initial target of 25 per cent by 2020.
The VRET is part of the 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 10 years.
Minister for Energy, Environment and Climate Change, Lily D’Ambrosio, said Victorians voted overwhelmingly in support of increasing the renewable energy target.
“Enshrining a VRET of 50 per cent by 2030 sends a clear signal to industry to keep investing in renewables and creating jobs – particularly in regional Victoria.”
“This legislation will help boost jobs, reduce emissions and drive down energy prices for Victorian families.”