It is available to concession card and non-concession card holders alike, including those who have previously claimed a $50 or $250 Power Saving Bonus.
The bonus is available to access at any time during the next 12 months.
Consumers can apply for the benefit through the Victorian Energy Compare website, or by calling the VEC helpline on 1800 000 832.
Cobram Community House is providing assistance at set times to the community to help claim the bonus. Call 5872 2224 for more information.
Minister for Northern Victoria Mark Gepp said all households could apply without exception and only needed a previous gas or electricity bill.
“I know people across northern Victoria are doing it tough, so I encourage all households that are feeling the pinch to apply for this immediate cost of living relief,” he said.
Member for Ovens Valley Tim McCurdy said residents could use the opportunity to find a better deal.
“Households are struggling to make ends meet, so opportunities like this are a welcome chance to relieve a bit of pressure,” he said.
“We know that residents are struggling with the cost-of-living crisis, as everyday prices and our electricity bills continue to soar.”
Victorian Premier Daniel Andrews said the payment would provide immediate relief to all Victorian households.
“This includes any of the more than 400,000 eligible concession card holders who claimed during a previous round, placing $500 directly into the pockets of some of the most vulnerable Victorians this year,” he said.
Other programs to slash energy bills include Victorian Energy Upgrades, which provide upfront incentives for low-cost-to-free energy-efficient products such as efficient hot water and heating systems and in-home displays for real-time energy usage data.
Separately, Solar Victoria offers households and businesses discounted solar panels, batteries and efficient heating and cooling.
For more information, visit Victorian Energy Saver: www.victorianenergysaver.vic.gov.au