Finance Mar 26, 2019

The Government Power Saving Bonus

3 min read

The Government Power Saving Bonus
The Government Power Saving Bonus

The way to earn $50 while saving money

It’s not often you are incentivised to do something that is in your best interests in the long run, but that’s what is happening with the Victorian Government’s $50 Power Saving Bonus. The payment can be claimed by every Victorian household that meets two simple criteria. 1) You have a residential electricity bill for which you’re the account holder, and 2) You must be able to receive the bonus payment by mail at the address of the energy service.

If you haven’t taken advantage of the bonus program yet, you still have until the 30 June 2019 to compare your energy deal and save. If you don’t have an electricity account but have gas, you can still apply.

Why we felt the urge to tell you about it: We’re in the business of looking out for your financial wellness and that starts with getting all of your finances in order. A lot of people ‘set and forget’ agreements with providers, whether it be mobile phone contracts, insurance, or energy providers. This is an opportunity to review your current deal and pick up a pineapple* for your time.

What they get? As expected, they want a copy of your electricity bill in return for your $50. This makes sense, as, like us, they need details to be able to see what your needs are and provide information on relevant products. You can check out the privacy policy if you have any concerns, but your info will only be used for the purposes of determining estimated energy costs and implementing the Government’s Power Saving Bonus Program.

You can take advantage of the incentive (and get answers to FAQs) here:

Whether you’re saving for a house or paying off a mortgage, we can all agree that every saving helps you get a step closer to your financial goals.

For other tips on how to save for your first home, check out our saving tips from Mikaela here.

*Actually, it’s probably a cheque for $50 rather than a cash note, but you get the idea.