Between 2022 and 2040, it is anticipated to help customers save around $1.2 billion on their energy expenses.
An AUD$25 million (£13.4 million) energy efficiency program has been launched by the New South Wales government. The program will give incentives to families and companies for installing equipment that consume less energy during peak hours, according to the government.
The Peak Demand Reduction Scheme is expected to begin operations in the summer of 2022/23 and will save customers about AUD$1.2 billion (£0.64 billion) on their energy costs between 2022 and 2040.
With this investment, we will be able to support the development of new technologies and software, as well as provide incentives for households to switch to solar or heat pump hot water systems and for businesses to replace gas, diesel, or grid-supplied electricity with renewable energy technologies, among other things.
“There are a plethora of simple methods to lower our peak usage without compromising our way of life,” stated Energy Minister Matt Kean.
As a result of lowering peak demand, we can provide electricity to everyone who requires it, when and where they require it, at a reduced cost.