How to claim the Victorian $250 power saving payment

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on May 04, 2022 Fact Checked
How to claim the Victorian $250 power saving payment

Victorians are eligible to claim a one-off $250 payment to reduce cost of living pressures. Here's what you need to know.

What is the new $250 Power Saving Bonus program?

In Victoria's 2022-23 Budget, the state government announced a once-off $250 payment for all Victorian households that use the Victorian Energy Compare (VEC) website – the Victorian Government’s independent price comparison website – to search for the cheapest electricity deal.

How to apply

You can apply for the new $250 Power Saving Bonus from 1 July 2022 by visiting the Victorian Energy Compare Website.

Victorians who do not have access to an electronic device or the internet can call the VEC helpline on 1800 000 832 or receive support from one of the Community Outreach Partners supporting the new $250 Power Saving Bonus program.

Who is eligible?

All Victorians are eligible for the $250 Power Savings Bonus.

Victorian households will need to:

  • Have a recent residential electricity bill and be the account holder for that bill
  • Visit the Victorian Energy Compare website or engage with an energy affordability service through one of our participating community outreach partners.

Only one Bonus is available per household.

You can register your interest on the Victorian Energy Compare website and enter your details to receive an invitation to apply when the $250 bonus program opens.


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  • Take money out at any time without affecting your bonus rate.
  • Open up to 10 Save accounts and get bonus interest on all of them, including shared Save accounts.
  • Get bonus interest on a combined balance of up to $250K across all your Save accounts.
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A WELCOME RATE FOR 4 MONTHS
A WELCOME RATE FOR 4 MONTHS

Savings Account (Amounts < $250k)

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    High Interest Savings Account (< $250k)

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      Online Saver ($1-$100k)

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        Reward Saver

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          BU Savings Account

            Rates based on a savings balance of $10,000. Sorted by total interest rates. Refer to providers' websites for bonus rate conditions and for any applicable fees and charges. Rates correct as of August 11, 2022. View disclaimer.


            Image by Wee Ping Khoo via Unsplash

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            Aaron joined Savings.com.au in 2021. He is a finance journalist with a keen interest in property, the share market, and improving financial literacy in young Australians.

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