Last November, the Victorian State Government passed new legislation to boost the state’s Renewable Energy Target (RET) to 50% by 2030.
This legislation was designed to boost the existing RET of 25% by 2020, and 40% by 2025. The new law is thought to help households and businesses to invest in renewable energy, boost employment and add to the local economy, all while reducing our carbon emissions.
Predictions by the government also show that the increased RET will create in excess of 24,000 jobs and increase investor confidence for Victoria’s renewable energy industry. It will also decrease the price of power, with estimates pointing to a $32 per year saving for households and between 3,000 and $150,000 for businesses.
The Victorian RET encompasses a range of initiatives to increase the use of renewables, with targets of installing solar panels on 700,000 homes, and battery systems to 10,000 homes across the state.
And now the new target is set in legislation, the government will ensure that the new targets are met, which could lead to better incentives for households to invest in solar. It’s a win-win for everyone.