$250 Power Saving Bonus: When and how to apply for the Victoria Government payment available to ease a rising cost of living

All Victorian households will be able to receive a $250 payment if they seek out a better energy deal from Friday, in a move to address the cost of living crisis.

Victorian Premier Daniel Andrews made the $250 million commitment in May ahead of the state budget.

“That’s a million households at $250 each. Obviously there are many more households than that,” Victorian Premier Daniel Andrews said on Thursday.

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“The best thing would be if we need to put more money into this. That would be a great problem to have.

“It’s much better in your pocket than in the pocket of an energy company.”

All households in the state will be eligible for the handout. Credit: Getty Images

From July 1, the bonus will be open to all Victorian households which compare their energy deal through the Victorian Energy Compare website.

The $250 payment will be open to households until June 30, 2023.

Who is eligible for the payment

Andrews confirmed every Victorian household would be eligible for the payment if they sought out a better energy deal.

The Victorian Energy Compare website is a free and independent online price comparison service.

Andrews said households do not need to change their energy supplier to receive the payment and are eligible by comparing, even if they still do not choose another deal.

“It’s really about addressing the cost of living,” he said.

“You might find that the deal you’re on is in fact the cheapest deal and that’d be terrific. But seven out of 10 people find out that isn’t the case.”

The payment will be one per household, but Victorians who move houses will be able to apply for the $250 again.

Andrews said the scheme would not allow people from the same household to double-dip, with the home’s energy meter used to apply.

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This payment builds on the original $250 Power Saving Bonus bonus for concession recipients, including Victorians who receive JobSeeker, Austudy or pension concession payments.

Victorians who are eligible for the concession payment will still be able to apply for the $250.

Minister for Energy Lily D’Ambrosio encouraged anyone eligible who had not yet applied for the concession payment to do so before it expires on Wednesday.

That means they will be able to save approximately $330 a year by switching energy providers and then the two $250 payments on top.

When it becomes available

The payments are available on the Victorian Energy Compare website from July 1, 2022.

They will be available for a year until June 30, 2023.

How to apply

Over the past few months, Victorians have been able to apply to receive an invitation when the program opens on Friday.

They just need to put in their name, email address and phone number on the form.

There will be a helpline for those who cannot access the website.

If applied for electronically, the payment will drop into bank accounts within two weeks.

– With AAP

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