Power Saving Bonus of $250 available in Victoria

The Victorian Energy Rebate is a government initiative aimed at providing financial assistance to eligible households in Victoria, Australia. The program offers a significant rebate on electricity bills, making energy more affordable for vulnerable and low-income households. It has been instrumental in easing the financial burden of energy costs for many individuals and families in the region.

What is the Power Saving Bonus?

The Power Saving Bonus is a $250 payment for Victorian households to help ease cost-of-living pressures and encourage them to compare energy offers and save money.

The Bonus is available to all Victorian households who visit the Victorian Energy Compare website or engage with an energy affordability service.

Eligibility

The second round of the Power Saving Bonus is available to all Victorian households – no concession card needed and includes any households who have received payments through previous rounds of the program.

Applications for the second round opened on 24 March and will remain open until 31 August 2023.

Only one payment per household is available for each round of the Power Saving Bonus program.

Application process

To be eligible for the $250 Power Saving Bonus, Victorian households will need to:

Can I apply if I am renting?

If you rent and meet the eligibility requirements, then you can apply for the $250 Power Saving Bonus.

Can I apply if I'm a small business owner?

Small businesses are not eligible for the $250 Power Saving Bonus. To be eligible for the $250 Power Saving Bonus you must be a Victorian residential energy consumer.

How long does it take to receive the $250 Power Saving Bonus?

If your application is successful, you should receive your $250 payment via Electronic Fund Transfer (EFT) within 3-15 business days of submission if you meet the eligibility and documentation requirements. Cheque payments will take a little longer to process but should be received within 5-20 business days if you meet the eligibility and documentation requirements. Incomplete applications may take longer to process.

Energy saving tips

Here at TaxAssist Accountants we want to do all we can to help you to thrive in these difficult times. Whether you’re a householder or are running a small business, read our guide (link to article) on how you can deal with rising energy costs, how to reduce their impact and practice energy efficient measures you can take.

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TaxAssist Accountants can help with all financial aspects of running your business from Year End Accounts, Tax Returns, Bookkeeping, BAS Returns, and Payroll, as well as Cashflow Projections, Superannuation, Business Plans, Employment Law, Debt Recovery, Capital Gains Tax, Audits and more.

Give us a call on 02 9608 3707 or fill in our enquiry form and we can set up a free initial consultation.

Last updated: 22nd June 2023