The Department of Planning, Industry and Environment (DPIE) is to provide households in NSW with discounts if they buy or install equipment that saves energy during peak times.
Announcing the scheme, Minister for Energy, Matt Kean said DPIE’s world-first Peak Demand Reduction Scheme was expected to save consumers $1.2 billion on their energy accounts between 2022 and 2040.
“By reducing peak demand we can supply power to everyone who needs it, when they need it, at a lower cost,” Mr Kean said.
“We are also investing $25 million in the Scheme to support the development of emerging technologies and software that allow households and businesses to use power when it is cheap and abundant,” he said.
“The Scheme, due to commence in time for the 2022–23 summer, will provide discounts to consumers who install more efficient appliances that operate more during off-peak periods when electricity is cheap, like smart pool pumps or household batteries.”
Mr Kean said energy retailers and large energy users could then buy peak reduction credits from households and local businesses that installed the appliances in order to meet their energy savings targets.
“There are so many easy ways to reduce our peak consumption without impacting our way of life,” the Minister said.
“If all the backyard pool pumps and filters across New South Wales were used outside of peak periods, we could save up to 450 MW – that’s more than the capacity of a generating unit at the Liddell Power Station,” he said.
