The Victorian government has introduced legislation to preserve the state’s renewable energy targets in law as reported by The Guardian.
Victorian premiere, Daniel Andrews, announced the Victorian Renewable Energy Targets (VRET):
- 25% renewable energy by the year 2020
- 40% renewable energy by the year 2025
- VRET will depend on a reverse auction to encourage the building of new wind and solar projects in the state.
- Household power bills will go down by $30/year over the life of the scheme.
- It will mean a 16% reduction in greenhouse gas emissions by the year 2034.