Initiative 1 – $250 Power Saving Bonus
In the 2022-23 Victorian Budget, a $250 Power Saving Bonus was announced to assist Victorians
with the increase in cost of living.
The Bonus builds on an existing power saving bonus program, previously available to eligible
concession card holders. Households can claim the $250 payment by comparing their current energy
bills to see if they can get a better deal on the Victorian Energy Compare website.
The Power Saving Bonus is available to all Victorian households from 1 July for 12 months, and there
are no limits or caps on the number of households that can receive the once-off payment.
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.
On 22 July the Victorian Government announced an additional $205 million to meet the popularity of
the program, on top of the initial $250 million funding.
