This programme from the Victorian government assists businesses and households in lowering their energy expenditures and reducing greenhouse gas emissions. This is accomplished by providing subsidised energy-efficient products and services.
The Victorian Energy Upgrades (VEU) initiative assists Victorians in lowering their energy bills and reducing greenhouse gas emissions by providing subsidised energy-efficient products and services to homes and businesses.
The initiative operates by establishing a state-wide energy savings target, which results in a variety of energy-efficient products and services being made available to families and businesses at a discounted price.
On January 1, 2009, the Victorian Energy Efficiency Target Act 2007 (the Act) went into effect. The Act, the Victorian Energy Efficiency Target Regulations 2008, and the Victorian Energy Efficiency Target (Project-Based Activities) Regulations 2017 govern the scheme.
This legislative framework requires energy retailer corporations to submit Victorian Energy Efficiency Certificates in order to satisfy an annual greenhouse gas emission reduction objective.
The Essential Services Commission (ESC), Victoria’s independent regulator of the retail energy industry, administers the programme. Its job is to oversee energy companies’ compliance and performance reporting, as well as accredit enterprises and products and services that are qualified for the programme. On the ESC website, you may get more information on the program’s administration.
The VEET programme aims to make energy efficiency upgrades more accessible, contribute to greenhouse gas reductions, and encourage investment, employment generation, and innovation in sectors that provide energy efficiency goods and services.
Victorian Energy Efficiency Certificates can be issued by accredited providers who supply these financial incentives (VEECs). The number of certificates issued is determined by the reduction in greenhouse gas emissions linked with the product or service.
An approved provider must professionally install the products. At selected dealers, incentives for the purchase of certain appliances may be given at the point of sale. Before making a purchase, consumers should consult an accredited source. Households and companies receive varying levels of incentive or discount based on the market activity and certificate value.