Victoria updates energy saving targets
The Victorian Government has extended the Victorian Energy Upgrades program with the most ambitious energy saving targets since the program commenced in 2009.
The government has published a regulatory impact statement for the program for target setting from 2021 to 2025.
The favoured target option would result in a cumulative reduction of 40.6 megatonnes of emissions across Victoria, and will be a significant part of the state government’s aim of achieving zero net emissions by 2050.
Households participating in the program during 2021–2025 are expected to save a combined $3.12 billion on their energy bills, with commercial and industrial businesses expected to save more than $8 billion, according to the Energy Savings Industry Association (ESIA).
“We welcome the sensible ambition that will deliver a net benefit of almost $4.68 billion in net present value (NPV) over the period. This successful program is the largest of its kind in Australia and will continue to drive innovative technology transformation,” ESIA President Rod Wolley said.
“We look forward to continued engagement with the Victorian Government to ensure the state embraces this critical window of opportunity to drive energy savings sooner for Victorian households and industry.”
He said modelling suggests that activities carried out under the program during 2021–2025 will ensure energy consumption in 2025 is 10% lower than in 2021. And while the 2016–2020 target required just a 17% increase in energy savings annually, the 2021–2025 target will require an average annual increase of 22% to 27%.
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