A centrepiece of our recovery is a transformational $1.6 billion investment to drive our State’s clean energy future – creating new jobs and new opportunities, particularly in regional Victoria.
The Victorian Government will invest $682 million to develop Victoria's Renewable Energy Zones, bolstering system strength and unlocking new renewable energy investment that will support economic growth and jobs.
This includes funding to begin planning for at least 600 megawatts of new, clean energy through a second Victorian Renewable Energy Target auction. This will help to ensure the Government meets its legislated target of 50% of electricity generation from renewable sources, which has been estimated to create around 24,000 jobs by 2030 and generate up to $5.8 billion in additional economic activity.
Local communities will also benefit with $21 million for local energy projects that increase the use of clean energy – like microgrids, stand-alone power systems and neighbourhood batteries.
This Budget also includes:
Energy efficiency upgrades
$448 million for energy efficiency upgrades for homes, including 250,000 low income households and 35,000 social housing properties, providing cheaper energy bills for families, improved living comfort and more energy efficient homes.
$191 million to expand the Solar Homes program, including 42,000 additional solar rebates for households and, for the first time, 15,000 solar rebates for businesses.
Clean energy transition
$50 million for clean energy transition initiatives.
Industry energy use
$31 million to transform the way industry uses energy and help businesses save money.
$25 million for the rollout of a fast-charging network for electric vehicles across major highways and key tourist destinations in Victoria.
Recycling Victoria: A new economy
And in order to create jobs and reduce waste, this Budget will fund Recycling Victoria: A new economy, a $322 million investment in our circular economy policy announced earlier this year.
In addition to the Recycling Victoria package, to fast-track our shift to a circular economy, this Budget invests $41 million to build regional and material recovery facilities. These investments will strengthen our State’s recycling sector and improve technology.
Reviewed 24 November 2020