Victorian Power Saving Bonus Double-Dip Nears

Victorian households who haven’t yet taken advantage of the state’s Power Saving Bonus should get in now – and then get ready to grab it again very soon.

Launched in July last year, the Bonus is a $250 incentive for Victorian households to encourage them to compare energy offers. The incentive is available to all grid-connected households, including those with solar power systems that may have been subsidised under Victoria’s solar panel rebate.

Getting the Power Saving Bonus involves a visit to the Victorian Energy Compare website, taking a look over information presented about the best priced electricity offers available and then submitting an application. The application process requires inputting or uploading details of a recent electricity bill. Other supporting documentation may be required; such as another utility bill, rates notice or driver’s licence – so it’s a good idea to also have one of those on hand.

According to the Victorian Government, the application process only takes 5 – 10 minutes, so it could be time very well spent. While information on energy offers will be presented, households are not required to switch plans or retailers. It’s not quite money for nothing, but pretty close to it – and there’s also the opportunity of potentially saving money by switching electricity plans if one grabs your interest.

The bonus is usually paid via Electronic Funds Transfer (EFT) within 3 – 15 days of submission, assuming eligibility and documentation requirements have been met.

A Double-Dip Opportunity

Applications for the current Power Saving Bonus round can be submitted up until midnight on 23 March 2023.

But wait, there’s more.

A new round of the Power Saving Bonus program then commences on 24 March 2023. Victorian households will be able to receive a new $250 payment – and this includes those that received a payment through the current round; even if their application for the current round was submitted on the day of the deadline.

A comprehensive Power Saving Bonus FAQ can be found here.

So, $500 all up for what appears to be minimum effort – it sounds like a pretty good deal. But when it comes to addressing increasing electricity costs, it’s just a sugar-hit and one that may not be offered again.

A more enduring strategy is to install solar panels where possible – and there’s a double dip available there as well for Victorians to reduce the up-front cost of getting panels. In addition to the state level rebate mentioned above, there’s also the national “solar rebate“. Combined, these incentives can knock thousands off the cost of a system that will then provide tiny electricity bills for many years.

While on the topic of comparing energy offers, SolarQuotes has an electricity plan comparison tool geared toward owners of solar power systems. While you won’t receive $250 for using it, you don’t need to supply any personal information and it’s super-simple to use. It’s just one of the many useful solar tools available on the SQ web site.

Original Source: https://www.solarquotes.com.au/blog/vic-power-saving-bonus-mb2861/