All Victorian households will be eligible for a $250 Power Saving Bonus after 24 March to go towards their energy bill.

This is the second round of these payments, with many having already benefitted throughout 2022.

The only criteria is for applicants to have a Victorian residential energy account.

How to apply for $250 payment

The bonus is intended as an incentive for households to compare electricity prices and make sure they are getting the cheapest deal.

To apply, Victorians need to lodge an application through the Victorian Energy Compare website.

Those in rural communities who may have trouble accessing this can engage with an energy affordability service through one of the government's community outreach programs.

As part of your application, you will be presented with information about the best-priced electricity offers in your area, but there is no obligation to switch over.

You will just need your residential electricity account information, and to provide a recent electricity bill.

Those who have not claimed the original $250 bonus have until 23 March to do so.

The government says there is no limit on the total number of payments they will distribute, just that it will be capped at one per household.

There was also no indication that this would be the last round.

When the payments were announced last year, Minister for Energy, Environment and Climate Change Lily D’Ambrosio said that the scheme was designed to keep Victorians up to date with the most competitive rates.

“This one-off $250 payment provides immediate financial relief for those struggling to pay their power bills – while also helping Victorians find a better energy deal,” Ms D'Ambrosio said.

“The fastest way to bust energy bills is to look for a better offer with households able to save an average of $330 in the first year alone – that’s what this Power Saving Bonus is all about.”

Any relief for gas?

Gas users in Victoria have already been grappling with price increases of up to 70%.

Recent reports by the Australian Energy Regulator (AER) and ACCC have warned of another potential upcoming gas supply shortage due to marked decreased output from gas fields in the Bass Strait.

Gavin Dufty, head of policy and research at St Vincent de Paul, believes gas consumers in Victoria are at risk.

"If it catches up with us and we can't find solutions or pivot quick enough then we're going to have to work out how we manage that shortfall," Mr Dufty said.

Advertisement

In the market for a personal loan? The table below features unsecured personal loans with some of the lowest interest rates on the market.

Rates
Features
Fees
Other
Lender
FixedUnsecuredN/AMore details
Loan amounts from $2k to $75k
  • No ongoing or early exit fees
  • 1-7 years loan terms. Pay monthly, fortnightly, or weekly
  • Get quick decision. Funds in 24 hrs if approved
Loan amounts from $2k to $75k

Low Rate Personal Loan Unsecured (Excellent Credit)

  • No ongoing or early exit fees
  • 1-7 years loan terms. Pay monthly, fortnightly, or weekly
  • Get quick decision. Funds in 24 hrs if approved
More details
FixedUnsecuredN/AN/AMore details

Unsecured Personal Loan (Excellent Credit)

    More details
    FixedUnsecuredN/AN/AMore details
    NO ONGOING FEESAPPLY ONLINE
    NO ONGOING FEESAPPLY ONLINE

    Unsecured Personal Loan (Excellent Credit)

      More details
      VariableUnsecuredN/AN/AMore details

      Personal Loan

        More details
        • Interest rates start at 14.95% and could be as high as 27.95% based on your personal circumstances and loan term
        • Australian residents and citizens only
        • Personal Loans from $3,000 to $25,000, with loan terms ranging from 25 - 48 months
        • Terms, Conditions and Lending Criteria apply

        More details
        Important Information and Comparison Rate Warning

        All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here.

        The comparison rates in this table are based on a loan of $30,000 and a term of 5 years unless indicated otherwise. The comparison rates are for unsecured personal loans only for the relevant amounts and terms. The comparison rates for car loans and secured personal loans are for secured loans unless indicated otherwise. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. Comparison rates are not calculated for revolving credit products.

        Monthly repayment figures are estimates only, exclude fees and are based on the advertised rate for the term and for the loan amount entered. Actual repayments will depend on your individual circumstances and interest rate changes. Rates correct as of August 21, 2024. View disclaimer.

        Important Information and Comparison Rate Warning

        Picture by Wee Ping Khoo on Unsplash