Victoria could save $2.5 billion if the Napthine Government delivers on its election commitment to improve the average energy efficiency of the state’s housing stock to five stars, according to a report from the One Million Homes Alliance.
The report, undertaken by the ATA for the Alliance, is entitled “2.5 billion reasons to invest in energy efficiency” and shows that comprehensively retrofitting one million low-income Victorians’ homes would save $2.5 billion in energy concessions expenditure over the next twenty years. It would also make these homes more comfortable and affordable to live in.
Environment Victoria‘s Campaign Director Mark Wakeham said it is a smart move for the Baillieu Government to invest in raising Victorian homes to an average 5 star standard.
“Currently nearly two million homes across the State are 2 stars or less, and many of these are occupied by Victorians on a low income. By raising the efficiency of just half of these homes to 5 stars we’ll improve comfort levels and quality of life for millions of people, save $2.5 billion, and we’ll deliver environmental outcomes – it’s a win–win–win.”
The report shows that raising one million homes across the state from 2 to 5 stars would result in these more efficient homes using less energy, and as energy concessions are calculated on a percentage basis they would reduce in line with each household’s lower bills.