A new report has estimated that Victoria could save $2.5 billion if the Baillieu government delivers on its election promise to improve the average energy efficiency of the state’s housing stock to five stars. The report, “2.5 billion reasons to invest in efficiency,” from the One Million Homes Alliance shows that raising one million homes across the state from 2 to 5 stars would result in these more efficient homes using less energy, and as energy concessions are calculated on a percentage basis they would reduce in line with each household’s lower bills.
Damien Moyse, the Alternative Technology Association’s energy policy manager who undertook the study, said such a reform would see savings delivered to the state budget from year one, with a minimum of nearly $100 million saved by year five, and at least $600 million by year 10 – “all whilst providing a long-term solution to alleviate energy poverty and save energy and water,” he said. Environment Victoria’s Mark Wakeham said that, currently, nearly two million homes across Victoria were 2 stars or less, with many of this number occupied by low-income residents. “By raising the efficiency of just half of these homes to 5 stars we’ll improve comfort levels and quality of life for millions of people, save $2.5 billion, and we’ll deliver environmental outcomes,” he said. “It’s a win-win-win.”
Geodynamics packs up well
Geothermal aspirant Geodynamics says it has completed drilling at the Habanero 4 well in its Innamincka Deeps Joint Venture, and has released the well. The work will now focus on testing the well and beginning a “stimulation” program that will test the ability of the company to extract heat from the super-heated rocks some 4kms below the ground. If successful, that will lead to a 1MW pilot plant at Innamincka early next year.With the completion of Habanero 4 drilling activities, Geodynamics will return to issuing milestone announcements as the testing and stimulation program progresses.