Mon-Fri 9AM to 8PM (AEST)It’s 2023 and energy prices are through the roof, along with everything else, from the cost of groceries to the interest rate on your mortgage. While there are lots of ways you can save money, wouldn’t it be nice if, once in a while, someone would just give you some money to help with your bills!?
Good news Victorians! The state government is doing exactly that in the form of the $250 Power Saving Bonus. This is a one-off payment for ALL Victorian households to help ease the rising costs of energy bills.
How Do I Apply For The $250 Power Saving Bonus?
If you haven’t applied yet, jump over to our comprehensive guide to the Energy Compare Victoria $250 Power Saving Bonus to find out more.
Why Do Victorians Need The $250 Power Saving Bonus?
The $250 payment was introduced in 2022 to help Victorians in the wake of COVID-19 and rising energy bills. In 2023, the state government announced a second round of payments, as Victorians continue to struggle with the skyrocketing cost of living.
Around 200,000 households are paying the equivalent of the Victorian Default Offer (VDO) for their electricity. The Essential Services Commission (ESC) announced that the VDO will increase by 25% in July 2023. For residential customers, this will result in an average electricity bill of $1,755 per year, up from $1,403, while small businesses can expect bills of $3,791 per year, up from $3,039.
It is estimated that there are 400,000 households and 55,000 small businesses currently paying the VDO or on a variable rate market offer that are impacted by this increase.
Where Can I Get Additional Help With My Electricity Bills?
There are many different ways that Victorians can access help with their bills. The $250 Power Saving Bonus is in addition to any other support you are eligible for. The Victorian government has pledged to make sure every resident has access to a consistent, affordable energy supply, so if you are facing difficulties, you should reach out as soon as possible for assistance.
The list below explains some of the paths you can take for support with your bills.
Energy Retailers
Gas and electricity retailers in Victoria have a range of things they can do if you are having difficulty paying your bill. They are obligated to offer you support, which might include an extension on your due date, a payment plan, bill smoothing or alternative payment methods.
Your energy retailer can also provide you with a hardship plan to manage your situation. These plans can help you understand various payment methods, give you the option to switch to a better plan, provide energy management tips and information about assistance options such as rebates and concessions, as well as access to counselling services and other relief schemes.
You should also be aware of your retailer’s “Best Offer” information. Victorian electricity retailers are required to perform best offer checks every three months and gas retailers every four months. If they find that you are not on their best plan during these checks, they must include the details on your bills. Be sure to look out for these messages and switch to the recommended plan if a cheaper alternative is found.
Concessions and Rebates
As well as the $250 Power Saving Bonus, there are many concessions and rebates available for Victorians. Eligible card holders, including pensioners, concession cards and low-income households, may be entitled to assistance for their bills.
In addition, the Utility Relief Grant helps to pay overdue energy or water bills for low-income Victorians who are experiencing unexpected hardship. This grant provides relief of up to $1,300 and must be applied for through your retailer.
Compare Bills
Although your retailer is required to perform a “Best Offer” check for their own plans, this won’t tell you if there is a better deal for you with another provider. You should compare energy plans from the different providers available in Victoria every 12 months to make sure you are getting the best deal and to take advantage of special offers and discounts that can make you some big savings.
Energy Efficiency and Renewable Energy
You might not be aware of all the different ways your home is using energy, and some things might be adding a lot to your bill. All homes in Victoria are fitted with a smart meter, so you can log onto your app or in-home display to have a look at your energy usage throughout the day. If you are using a lot during peak times, try to move your activities, such as laundry or running the dishwasher, to off-peak times when you can pay as little as half for the energy you use.
Read our 7 best energy-saving ideas in 2023 to find out more about energy efficiency and renewable energy options to save you money on your bills.
Friends and Family
Over the past few years, Australians have faced unprecedented challenges from the long-lasting economic effects of COVID-19. In particular, the extended lockdowns in Victoria, along with inflation and the increasing cost of living, have continued to put a financial burden on households and businesses.
If you, or someone you care about, is experiencing hardship, you can turn to your network with a crowdfunding campaign, to provide immediate relief from both the emotional and financial strain that comes with falling behind on your bills. By choosing a Switch and Donate campaign, not only can you raise much-needed funds, but you can also compare and save on your bills at the same time.
Conclusion
If you are struggling with the rising cost of living in 2023, you are not alone. For Victorian households, there is help available for your energy bills from the $250 Power Saving Bonus. All Victorian residents are eligible to apply, so make sure you submit your application before it closes.
There are other ways to ease the financial strain during these challenging times. Make sure you contact your energy retailer if you are having problems paying your bills, compare your bills regularly, apply for any concessions you are eligible for and adopt energy-efficient practices so you are not paying extra for energy that you don’t really need. For urgent, immediate relief, try reaching out to your friends and family with a crowdfunding campaign for much-needed support while you get back on track.
By using some, or all, of these available resources and support systems, Victorians can get through these challenging times with greater financial stability.
