Increased Renewable Targets for Victoria
21st February 2020
Late last year, the Victorian Government boosted the their Renewable Energy Target (RET) to 50% by 2030.
This legislation was designed to boost the existing target of 25% by 2020, and 40% by 2025. The new law is thought to help Victorian's invest in renewable energy, and boost employment, all while reducing our carbon emissions.
The government also believe that the increased renewable energy targets will create more than 24,000 jobs and increase national and international confidence for the state'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.And now the new target is set in legislation, the government will have to 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.