The Victorian Government has announced an expansion to the Solar Homes Hot Water Rebate, with an additional 8,000 rebates on offer following high demand.
In FY23-24, applications for the program exceeded the initial target before the financial year ended, with a 224 per cent increase from the previous year.
The expansion is expected to save more Victorians $1,000 off the cost of installing a heat pump hot water system and up to $400 a year on electricity bills.
Heating and hot water have been found to be the biggest energy users in the home, accounting for more than 50 per cent of total energy usage.
Installing a heat pump hot water system alone is believed to save a household up to $400 a year on electricity bills and when combined with rooftop solar, savings can be up to $1,400 a year.
More than 700 Victorians have applied for the hot water rebate every week and by March 2024, 20,000 systems had been installed.
Over 350,000 Victorian households have received a rebate or loan to take up rooftop solar, home batteries, heat pump hot water systems, and other energy efficient appliances since 2018.
Victorian Minister for Energy and Resources, Lily D’Ambrosio, said, “More Victorians than ever before are taking advantage of our rebates and switching to efficient electric technology – saving thousands of dollars and driving down emissions.”
Member for Southern Metropolitan, John Berger, said, “There has never been a better time to install a new energy efficient system and bring down your household energy bills.”
