VICTORIAN ENERGY EFFICIENT TARGET (VEET) SCHEME
The Victorian Energy Efficiency Target (VEET) scheme is a Victorian Government initiative promoted as the Victorian Energy Upgrades program. It was established under the Victorian Energy Efficiency Target Act 2007 (the Act) and commenced on 1 January 2009. It is legislated to continue in three-year phases until 1 January 2030. PURPOSE The VEET scheme is designed to make energy efficiency improvements more affordable, contribute to the reduction of greenhouse gases, and encourage investment, employment and innovation in industries that supply energy efficiency goods and services. READ MORE
VEET SCHEME TO VEU PROGRAM
The VEET scheme (then titled) expanded its program from small businesses and homes to include larger energy-guzzling businesses in 2017 and rebranded to the Victorian Energy Upgrades Program. By including larger businesses into the scheme the State was able to increase its energy-saving opportunities exponentially.
WHAT IS VEU PROGRAM?
A certificate is tonne of greenhouse gas abated VEEC (Victorian energy efficiency certificate). The first phase (2009-11) target was 2.7 million VEEC’s Per annum. This increased to target of 5.9 Million VEEC’s. Since August 2017. Now it will include Large energy users as well. The target is to save $400 million in 2017. The VEU program has set a target of 5.9 million tonnes of CO2 emissions saved for 2017. The future targets are 2018 6.1 million 2019 6.3 million 2020 6.5 Million READ MORE
ABOUT THE VICTORIAN ENERGY UPGRADE
The Victorian Energy Upgrades (VEU) program helps Victorians reduce their energy bills and greenhouse gas emissions by providing access to discounted energy efficient product and services. The program also encourages investment, employment and innovation in industries that supply these products and services. Large energy retailers are required to acquire and surrender Victorian energy efficiency certificates (VEECs) to meet annual target set in Victorian legislation. 'Accredited persons' that carry out upgrade activities by installing energy-efficient products in residential or non-residential premises can create VEECs. The greenhouse gas savings associated with the installation of an energy efficient product and/or decommissioning of an inefficient product determines the number of VEECs that can be created. The level of incentive or discount received by households and businesses varies depending on the market activity and certificate price. The Department of Environment, Land, Water and Planning develop the program's act and regulations. We are responsible for regulating the program participants and administering the program.
VICTORIAN ENERGY EFFICIENCY CERTIFICATES (VEECs)
Victorian energy efficiency certificates (VEECs) are electronic certificates created under the program when certain energy efficiency activities are undertaken in residential or non-residential premises. Each certificate represents one tonne of greenhouse gas emissions reduction (CO2-e). Once created certificates can be sold to energy retailers who have a liability under the program to surrender a certain number of certificates each year. READ MORE
HOW WE REGULATE THE VEU PROGRAM
The Victorian Energy Upgrades (VEU) program helps Victorians reduce their energy bills and greenhouse gas emissions by providing access to discounted energy efficient product and services. We regulate the program participants and administer the program in accordance with the program's Act and regulations. Our responsibilities include to: Accredit persons who are able to create Victorian energy efficiency certificates (VEECs) under the program 1. Validate the creation of certificates for registration 2. Administer the registration, transfer and surrender of VEECs 3. Approve energy efficient products that can be installed under the program 3. Set performance standards for certain products to be installed under the program 4. Monitor compliance with the VEET Act, regulations and guidelines 5. Issue shortfall statements and enforce energy efficiency shortfall penalties 6. Maintain electronic registers. Our key goal is to safeguard the integrity of the program by maintaining confidence in the energy efficiency benefits delivered to consumers, and delivering a balanced, transparent and efficient program for participants. We do this by implementing an integrated risk-based framework to all our regulatory activities and regularly engaging with stakeholders to discuss improvements
ACTIVITIES OFFERED UNDER THE VEU PROGRAM
Victorian energy efficiency certificates (VEECs) can be created through new installations or upgrades, with approved products, that deliver energy savings, when carried out by an accredited person. 1. Building based lighting upgrades. read more 2. Non building based upgrades. read more 3. Public lighting Upgrades. read more 4. Space conditioning, shower rose and incandescent lighting activities. read more 5. Project based activities. read more 6. Other VEU activities. read more
BENEFITS OF VEU UPGRADE
Did you know that you could save up to 80% on your lighting costs (up to per globe per year) by installing more efficient lighting technology? Recent developments in lighting technology, including LEDs and CFLs, mean that the lighting in your home can be powered more efficiently. Not only will the latest energy-efficient lighting reduce your energy bill but it will also reduce your maintenance costs because new lighting technology lasts longer. The Victorian Government is committed to helping households and businesses reduce their bills by offering financial incentives for replacing your old lighting equipment.