New targets have been announced for the Victorian Energy Upgrades (VEU) program.
The new 2022-2025 targets will increase each year, with energy efficiency upgrades made under the program reducing costs for all Victorian households and businesses over the next 10 years.
Minister for Energy, Environment and Climate Change Lily D’Ambrosio, said the new targets are part of the $1.6 billion in funds allocated for clean energy projects in the recent state budget.
D’Ambrosio said the targets will reduce Victorian energy consumption in 2025 by seven per cent and deliver savings on energy bills through system-wide benefits, lowering wholesale electricity and gas prices and negating the need for grid upgrades.
Victorians participating in the program and implementing energy upgrades will see annual average savings of at least $120 and $510 for households and businesses respectively.
“Even those who do not participate will save on their bills – with households saving $150 and businesses saving $870 over the next 10 years,” she said.
Victorian Energy Upgrades is also one of the lowest cost measures available to deliver significant emissions reductions – delivering 6.7 million tonnes of emissions abatement in 2022, building to 7.3 million tonnes in 2025.
“These savings are equivalent to taking 8.5 million cars off the road,” D’Ambrosio said.
“The expanded VEU program and new targets are part of the this government’s ongoing investment in Victoria’s economic recovery, supporting more than 2,200 jobs a year and driving a further $1.3 billion of investment in energy efficiency between 2022 and 2025.”