Australian state of Victoria has launched a Solar Homes program targeting solar panel installations for 650,000 homes over a period of 10 years. By then, the number of homes in the state using solar panels will reach one million, helping them save around AU$ 500 ($365) annually.
The AU$1.24 billion program will allow interested households to install panels for half the price. The balance can be paid over four years with an interest-free loan.
The provincial government says that with this plan a typical Victorian household will be able to save up to AU$2,225 ($1,625) in cost for an average 4 kW solar system. Over the course of the year, it will lead to savings of AU$890 ($650) on their electricity bills.
An independent agency to be called Solar Victoria will be established to work with industry, regulators and training organizations to administrate the program. The program is expected to help create almost 5,500 new jobs, according to the government.
Homeowners with an annual income of up to AU$180,000 and a home worth $3 million ($2.19 million) will be eligible for the subsidies. Initially, the government will spend $68 million to launch the program.
State elections are due in the state in November 2018. The Labor government promised, if re-elected, it will expand the scheme from July 2019. It will then also invest AU$ 9 million ($6.57 million) to support accreditation of 4,500 electricians to install solar panels.
More about the scheme can be viewed on the Victorian government's solar website.
The state is targeting 40% share of renewable energy in its total energy mix by 2025. The new solar scheme is expected to generate 12.5% of the state's renewable energy target (see Australia's Victoria Targets 25% RE By 2020).
According to the Australian Clean Energy Council, as of May 11, 2018, Australia's large scale renewable energy projects portfolio added up to 5.48 GW, with Victoria accounting for 1.25 GW (see Australia 2018 RE Portfolio Over 5 GW).