VICTORIAN ENERGY UPGRADES
WHAT IS VICTORIAN ENERGY UPGRADES?
The Victorian Energy Upgrades program is helping Victorians households and business owners cut energy bills and greenhouse gas emissions by giving them access to subsidised energy-efficient products and services.
The Victorian Energy Upgrades program (previously known as the VEET scheme) is administered in accordance with the Victorian Energy Efficiency Target Act 2007 which commenced on January 1, 2009, the Victorian Energy Efficiency Target Regulations 2008 and the Victorian Energy Efficiency Target Regulations 2017.
With effectiveness of the program, the energy retailer companies are liable to meet an annual greenhouse gas emissions reduction target by surrendering a certain amount of Victorian Energy Efficiency Certificates (VEECs).
Accredited Providers (APs) authorized under the VEU program generate VEECs for an energy upgrade. The number of certificates generated is based on the amount of greenhouse gas abated through energy upgrades. The level of incentive or discount received under the scheme vary for households and businesses.
The program is administered by the Essential Services Commission (ESC), which is the independent regulator of the retail energy industry in Victoria.
WHAT DOES IT DO?
HOW DOES VICTORIAN ENERGY UPGRADES WORK?
Victorian Energy Upgrades is an energy efficiency program by the Victorian government that gives every Victorian household and business access to rebated energy saving products and services.
Every upgrade allows businesses accredited under the program called Accredited Providers (APs) to generate Victorian Energy Efficiency Certificates (VEECs). Each certificate represents one tonne of greenhouse gas abated. APs then sell these certificates to energy retailers, who are liable to buy a certain amount of certificates every year. Revenue generated through the sale of VEECs enables APs to offer energy consumers special benefits that may reduce the cost of undertaking these energy efficiency improvements.
In 2018, a total of 6.1 million VEECs were created under the VEU scheme. This year (2019), the program is aiming to create 6.3 million certificates, which is equivalent to 6.3 million tonnes of greenhouse gas abatement through energy efficiency.
WHAT DOES IT DO?
Year | Number of Victorian Energy Efficiency Certificates (VEECs) | Greenhouse Gas Abatement (Tonnes) |
2016 | 5.4 million | 5.4 million |
2017 | 5.9 million | 5.9 million |
2018 | 6.1 million | 6.1 million |
2019 | 6.3 million | 6.3 million |
2020 | 6.5 million | 6.5 million |