INVESTING IN OUR RENEWABLES ENERGY FUTURE TO BENEFIT ALL TASMANIANS

GUY BARNETT MP, Minister for Energy and Renewables

The 2023-24 Tasmanian Budget continues to invest in the State’s nation leading renewable energy program that will also help Tasmania prepare for the future.

On the back of more than 100 years of hydropower, the Rockliff Liberal Government is building Tasmania’s strong, safe and secure future by unlocking the next wave of renewable energy development in Tasmania that will drive job creation, future economic growth and put downward pressure on prices.

“The reality is that Tasmania needs more energy and more interconnection to grow our economy, foster new industries and to provide cost-of-living relief as well as record investment in housing, education and infrastructure, Minister Barnett said.

“The Budget invests $3.75 million over two years into our Renewable Energy Plan to progress initiatives like Project Marinus, onshore and offshore renewable energy developments, Battery of the Nation projects and the implementation of Renewable Energy Zones in the State.

“The Tasmanian Liberal Government has an ambitious plan for growing our economy and creating more jobs through the development of a world-class green hydrogen sector, partnering with the Australian Government, and industry, to develop Bell Bay as a national green hydrogen hub.

“Funding of $900,000 over three years will deliver additional project resources to progress the Tasmanian Green Hydrogen Hub at Bell Bay.

“Our green hydrogen vision, set out in our Tasmanian Renewable Hydrogen Action Plan, is for Tasmania to be a global leader in large scale green hydrogen production by 2030. We are working with hydrogen proponents, hydrogen support partners and our government businesses to help make this a reality.

“These initiatives, together with Battery of the Nation and Marinus Link, will put downward pressure on prices and ensure Tasmanians will always pay amongst the lowest electricity prices in the nation under a Rockliff Liberal Government.

“We also know that the nation’s transition to a clean energy future is not a quick fix which is why it is vital we are connected to the National Electricity Market. In addition to the energy security benefits, being connected to the NEM allows us to buy energy from the mainland when prices are low and sell when prices are high. This puts downward pressure on power prices while also returning financial benefits to Tasmania.

“This is why we can continue to offer one of the most generous energy concessions in the nation, in addition to price relief, to the most vulnerable Tasmanians and businesses.’’

Minister Barnett said cost-of-living pressures are impacting many Tasmanians which is why the 2023-24 Budget also includes our contribution of $45 million to the Energy Bill Relief Fund to support those on government concessions and small business customers.

We are also investing more than $4.5 million over the next three years to continue to rollout the Energy Saver Loan Scheme. This initiative delivers no interest, fee-free loans of up to $10,000 for up to three years for small electricity customers (residences and small businesses) to invest in energy efficient products to help lower their electricity bills - including solar panels, batteries, double-glazing and energy-efficient appliances.

We are also providing $3.45 million for the Business Energy Efficiency Scheme supports up to $50 million in loans for large electricity users to invest in energy efficiency initiatives. This supports businesses with no-interest loans of up to three years for up to $10,000 and low interest loans for up to $50,000.

“Tasmanians should be immensely proud that we are 100 per cent self-sufficient in renewable energy with a legislated target of 200 per cent by 2040, which will continue to provide Tasmanians with amongst the lowest energy prices in Australia, some of the most generous concessions and net zero emissions,’’ Minister Barnett said.