The NSW Government is investing $25 million into a world-first energy efficiency scheme that gives incentives to NSW households and businesses for installing efficient appliances that use less energy during peak times.
The ‘Peak Demand Reduction Scheme’ is expected to start in the 2022-23 summer, to reward consumers who use their energy efficient devices with cheaper bills.
The NSW Government’s investment will support the development of emerging technologies and software that allow households and businesses to take advantage of the initiative.
More fuel switching activities will also be added to the state’s existing Energy Savings Scheme. This will include incentives for households to switch to solar and heat-pump hot water systems, and for businesses to replace gas, diesel or grid supplied electricity with renewable energy technologies.
Minister for Energy Matt Kean said the scheme is expected to save consumers $1.2 billion on their energy bills between 2022 and 2040.
“There are so many easy ways to reduce our peak consumption without impacting our way of life,” Mr Kean said.
“By reducing peak demand, we can supply power to everyone who needs it, when they need it, at a lower cost.”