A new renewable energy target of 40 per cent by 2025 has been passed by Victoria’s parliament.

The legislation, which also locks in a 25 per cent target by 2020, passed the state’s upper house on Friday 20 October.

The government says the targets will cut the average cost of power for Victorians by around $30 a year for households, $2,500 a year for medium businesses and $140,000 a year for large companies.

Environment minister Lily D’Ambrosio said it will also reduce Victoria’s electricity sector greenhouse gas emissions by 2034-35.

“These legislated targets remain the one constant for renewable energy investor confidence in Australia and the message is clear — Victoria is open for business,” Ms D’Ambrosio said.

“Renewable energy creates jobs and will help drive down power prices for Victorian households and businesses.”

The targets will create up to 11,000 jobs in Victoria and deliver supply into the national market.

It follows the federal coalition government’s move last week to ditch a clean energy target proposed by Chief Scientist Alan Finkel. 

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