VIC Budget invests record $1.6B in renewable energy

The Victorian Budget will invest an unprecedented $1.6 billion to create renewable energy hubs across its regions, the largest investment in clean energy of any state, ever.

$1.6 billion has been committed to clean energy to create renewable energy hubs across the state, improve crucial grid infrastructure, decarbonise our energy system, drive down emissions.

As part of the state’s budget announcement on Tuesday November 24, $540 million will be invested to establish six Renewable Energy Zones in Victoria’s regional areas.

“It’s a three-in-one investment – establishing Renewable Energy Zones will create local jobs, reduce power prices and advance our work to tackle climate change,” Lily D’Ambrosio, Minister for Energy, Environment and Climate Change said.

The Budget also provides $12.6 million to bring online more than 600 megawatts of new, clean energy through our second renewable energy auction, to create enough energy to power 100 per cent of the Victorian Government with renewable energy – from public transport to schools and government buildings.

This investment will create enough energy to power more than 350,000 houses, support local manufacturing and jobs, and ensure the Government meets its increased legislated target of 50 per cent 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.

$108 million has also been set aside for renewable energy and hydrogen projects such as Australia’s first offshore wind generator in Gippsland, Victoria.

Locally, $27 million will be invested for community energy projects that increase the use of clean energy – like microgrids, neighbourhood batteries, bushfire resilience programs and community-owned renewable energy projects.

A further $21 million will help community groups to install renewable energy systems, storage and energy efficiency improvements at community buildings, including $797 million committed last week for heating and cooling efficiency.

Funding will also go towards rolling out a fast-charging network for electric vehicles at sites covering major highways and key tourist destinations – creating more than jobs during construction and making electric vehicles a sustainable alternative.

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