Victoria announces $1.24 billion solar rebate program
The Victorian Government has announced it will introduce a new program aimed at delivering subsidised solar panel installation for 650,000 Victorian residences if it wins re-election later this year.
Under the $1.24 billion program, Victorians will be able to install a solar panel system for half price and pay the rest of the cost back over four years with an interest-free loan.
According to government estimates, the program will save the typical Victorian household up to $2,225 for installation of an average 4kW solar system and help them save $890 a year on their electricity bills.
A new independent agency, Solar Victoria, will be established to work with industry, regulators and training organisations to deliver the program, which will create almost 5,500 new jobs.
The government has also announced a $9 million solar accreditation scheme for over 4,500 electricians for the program.
The government estimates the scheme will bring the number of homes in Victoria with solar panels to one million within ten years, which the government claims will save Victorians $500 million a year on their electricity bills once the program is complete.
Additionally, the government estimates that the program will cut the state’s carbon emissions by almost four million tonnes – the same as taking one million of Victoria’s 4.6 million cars off the road – and generate 12.5 per cent of Victoria’s 40 per cent target for renewable energy by 2025.
The government has also announced the launch of the $68 Solar Homes program that will provide a 50% rebate on constructed solar panels.
This will be expanded to include the interest-free loan from July next year, under a re-elected Labor Government.
The 50 per cent rebate on solar panel systems will be available to Victorians with a household income of up to $180,000 who live in their own home valued at up to $3 million – this means almost nine out of 10 Victorians who own their own house are eligible.