Victorian households will receive a $250 bill busting bonus if they seek out a better energy deal on Victoria’s Energy Compare website, the State Government announced today.
As part of the Victorian Budget 2022/23, the Government says it will invest $250 million in a new Power Saving Bonus in a bid to drive down the cost of living right across the state.
“This is a great opportunity for Victorians to save money, ease the cost of living, and cut their energy bills,” said Premier, Daniel Andrews.
“Big power companies rely on people not having the time, information or knowledge to save money. But we know better deals are out there – and we’re helping Victorian families find them.”
From 1 July 2022, the new $250 payment will be open to all Victorian households who use the Victorian Energy Compare website to compare their energy deal and seek out a better price.
User data shows that seven out of every 10 users can save money by switching energy offers, with typical annual savings of $330 on energy bills in the first year of switching alone. 
Combined with the Power Saving Bonus, that means Victorian households could save up to $580 a year, said Minister for Energy, Environment and Climate Change, Lily D’Ambrosio.
“This one-off $250 payment provides immediate financial relief for those struggling to pay their power bills – while also helping Victorians find a better energy deal.”
“The fastest way to bust energy bills is to look for a better offer with households able to save an average of $330 in the first year alone – that’s what this Power Saving Bonus is all about.”
While the quickest way to submit an application for the $250 Power Saving Bonus will be through the website, Victorians who do not have access to a computer or the internet can call the Victorian Energy Compare helpline or receive support from a community outreach partners, the Minister said.
The new $250 Power Saving Bonus is set to run until 30 June 2023.
Households that have previously claimed a $50 or $250 Power Saving Bonus will be eligible for this new one-off payment when the program opens in July.
