The Victorian Government announced yesterday that it will be funding a 50% rebate for solar PV systems up to 4kW.
As a part of a new $1.24 billion program the government will be offering this funding to 650,000 Victorian homes, starting today and continuing for the next 10 years.
If re-elected, this government will also offer Victorians to install a solar PV system for half price and pay back the balance of the system cost over a 4 year period with an interest-free loan. We respect the Vic Govt’s support of solar PV though perhaps the subsidy would be better directed at energy storage given solar already has an attractive STC subsidy.
This program will save the typical Victorian household $2,225 for an average 4kW system and help them save $890 a year on electricity bills with no costs up front.
The new scheme will cover half of the first 4kW of a system, but does not limit the homeowners to this size.
As a part of the announcement a new independent agency, Solar Victoria, will be established to work with industry, regulators and training organisations to deliver the program, which will create almost 5,500 new jobs. A re-elected Labor Government will invest $9 million to support accreditation of 4,500 electricians to install solar panels. Solar panel systems will only be installed by accredited solar installers using approved products to ensure the highest safety standards.
The 50% rebate on solar panel systems will be available to Victorians with a household income of up to $180,000 who live in their own home valued at up to $3 million – this means almost nine out of 10 Victorians who own their own house are eligible.