2.5 Billion Energy Efficiency Reasons
Victoria could save $2.5 billion if the Baillieu Government delivers on their 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 Campaign’s 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.
The Alternative Technology Association’s Energy Policy Manager Damien Moyse, who undertook the study, said: “Savings to the State Budget would start from year one, with a minimum of almost $100 million saved by year 5 into the program and at least $600 million saved by year 10 – all whilst providing a long-term solution to alleviate energy poverty and save energy and water.”
Victorian Council of Social Service Chief Executive Officer Penny Wilson said: “Rising electricity and gas prices are hurting vulnerable and disadvantaged Victorian households. But as prices continue to rise, the value of energy efficiency also increases. Retrofitting low-income Victorians’ homes to improve energy efficiency will improve their comfort and affordability as well as get better value from the concessions budget.”
The report outlining the research is located at: 2 5 Billion Reasons_OMH Report
Background information is available at: www.environmentvictoria.org.au/onemillionhomes
The One Million Homes Alliance comprises consumer, social and environment organisations, including Environment Victoria, Alternative Technology Association, Kildonan UnitingCare, Victorian Council of Social Service, Moreland Energy Foundation and Consumer Utilities Advocacy Centre. Our aim is to see a fair and effective scheme implemented to raise Victoria’s housing stock to an average 5 star standard, resulting in reduced energy and water costs for households, while helping Victoria reduce its greenhouse gas emissions and water use.