The Victorian Government has announced a new $250 Power Saving Bonus program for all Victorian households.

This program will provide a one–off payment for Victorian households to ease cost–of–living pressures and encourage Victorians to compare their household energy prices and save money.

From Friday, July 1 you will be able to access the new $250 program by visiting the Victorian Energy Compare website and submitting an application.

The new $250 program builds on the success of the 2018–20 $50 bonuses for households and the 2021–22 $250 bonuses for concession recipients.

These programs provided over a $110 million to more than 850,000 Victorian households.

To be eligible for the new power saving bonus, Victorian households will need to have a recent residential electricity bill and be the account holder for that bill.

Households will also be required to visit the Victorian Energy Compare website or engage with an energy affordability service through one of the participating community outreach partners.

To visit the Victorian Energy Compare website, please go to https://compare.energy.vic.gov.au/.

The Victorian Energy Compare website is labelled as the only free and independent online energy price comparison service to Victorian energy consumers.

User data from their site shows that seven out of every ten users can save money by switching energy offers, with typical annual savings of $330 on energy bills in the first year alone.

The existing $250 Power Saving Bonus for concession recipients remains open and is available until June 30.