Electricity Bill Rebate: What QLD Households Need to Know

Queenslanders will receive a $325 – $1,372 rebate on their electricity bills from July this year.  Discover who’s getting what, and how the $2.5 billion price tag will be paid for.

Announced yesterday morning by Premier Steven Miles, the rebates will be applied to bills in the first quarter of the 2024-25 financial year.

• Households will receive a $1,000 rebate.
• Eligible seniors, pensioners and concession card holders will receive $1,372.
• Small businesses to receive $325.

“This follows the success of the current $550 rebate provided to households this year, which has helped lower electricity bills by 9.5 per cent and bring down inflation,” said Premier Miles. “A lower energy bill puts more money back in the pockets of Queenslanders.”

Anyone would think there’s a state election looming. But seriously, no doubt many cash-strapped (and not so) Queenslanders will be welcoming the news. There’s nothing recipients will need to do to receive it – this will happen automagically.

Coal To Pick Up The Tab

Last month we reported on how National Electricity Market (NEM) states fared in Q1 this year with wholesale power prices compared to the first quarter of last year. Queensland didn’t do well –  $118/MWh (up 13 per cent). It experienced the highest average price and also the biggest increase year-over-year.

Even though Queensland’s solar uptake is impressive, the state is still heavily dependent on coal-fired electricity generation. Last year, coal power accounted for 68.9% of electricity consumption in the state. This year, it’s sitting on 66% so far.

So, it’s quite fitting that coal royalties will provide the money needed for the power bill rebate; although that does nothing to mitigate the emissions and other damage coal wreaks.

The Queensland government introduced three new tiers to the coal royalty structure for coal sold, disposed of or used on or after 1 July 2022, and have done very nicely from it. According to Budget 2023/24 papers, the new progressive coal royalty rates generated additional royalty revenue of around $5.8 billion in 2022–23.

“Our investment back into the people of this state is only possible because the Miles Labor Government is collecting Queensland’s fair share of coal royalties from multinational mining companies,” said Deputy Premier and Treasurer Cameron Dick.

Mr. Dick then went on the attack, stating such generous rebates would be under threat if the other mob got into power.

“That’s why we are delivering these record rebates upfront, so they cannot be undone by a future LNP Government.”

Solar Owners Cash In

$1,000 is a significant chunk of change – and for households already minimizing their electricity bills with a solar power system, it will be particularly sweet.

For those who don’t have solar panels, the $1,000 could contribute to acquiring a system and having tiny bills in future not dependent on future QLD government rebates, as there’s no guarantee these will continue or at what level regardless of who is in power.

According to the SolarQuotes solar calculator, a 10 kW system installed in Brisbane can save approximately $1,350 a year; depending on energy consumption profile. Solar owner or not and to get the most mileage from the power bill rebate, it’s also wise to compare electricity plans regularly to ensure you’re on the best deal for your circumstances.

Original Source: https://www.solarquotes.com.au/blog/qld-bill-rebate-mb2912/