Previously known as the VEET Scheme
This Victorian Government initiative assists companies and people in reducing energy costs and glasshouse gas emissions. This is accomplished through the provision of subsidised energy-efficient products and services.
The Victorian Energy Efficiency Target Act 2007 (the Act) was enacted on 1 January 2009 and took effect on that day. The Act, the Victorian Energy Efficiency Target Regulations 2008, and the Victorian Energy Efficiency Target (Project-Based Activities) Regulations 2017 govern the scheme.
The VEET programme is intended to make energy efficiency upgrades more accessible, to contribute to glasshouse gas reductions, and to stimulate investment, employment, and innovation in sectors that provide energy efficiency goods and services.
What exactly is the VEU (VEET) Scheme?
The Victorian Energy Upgrades (VEU) programme assists Victorians in lowering their energy bills and reduction of greenhouse gas emissions by providing subsidised energy-efficient products and services both to individuals and businesses.
The programme operates by establishing a state-wide target for energy savings, which results in a discount on a variety of energy-efficient products and services for households and businesses.
Accredited suppliers of these financial incentives are eligible to issue Victorian Energy Efficiency Certificates (VEECs). The quantity of certificates issued is determined by the greenhouse gas emissions reduction linked with the product or service. Households and companies receive varying degrees of incentive or discount based on market activity and certificate price.
Professional installation of products by an authorised supplier is required. Incentives for the purchase of certain appliances may be given at participating retailers' points of sale. Prior to making a purchase, consumers should consult an approved provider.
Victorian Energy Upgrades is a market-based initiative. Due to the fact that it is a free market, the value of certificates might change in response to customer supply and demand, just as it does in any other market. As a result, product and service availability may fluctuate over time.
Victorian Energy Upgrades (formerly known as the 'VEET scheme') is a programme created under the Victorian Energy Efficiency Target Act 2007, the Victorian Energy Efficiency Target Regulations 2008, and the Victorian Energy Efficiency Target (Project-Based Activities) Regulations 2017.
Through the surrender of Victorian Energy Efficiency Certificates, this statutory framework requires energy retailing corporations to satisfy an annual greenhouse gas reduction objective.
The Essential Services Commission (ESC) administers the programme. The ESC is Victoria's independent regulator of the retail energy market. Its duty is to monitor energy businesses' compliance with and performance reporting requirements, as well as to accredit businesses and the goods and services that qualify for the programme. Additional information regarding the program's management may be obtained on the ESC website.
Benefits
- Did you know that by adopting more efficient lighting equipment, you may save up to 80% on your lighting expenditures (up to per globe every year)?
- Recent advancements in lighting technology, such as LEDs and CFLs, enable your home's lighting to be more energy efficient.
- Not only will energy-efficient lighting help you save money on your energy bill, but it will also help you save money on maintenance because improved lighting technology lasts longer.
- The Victorian Government is committed to assisting families and businesses in lowering their utility bills by giving financial incentives for upgrading to LED lighting.
How Does It Work?
- Discounts on products are made possible by the Victorian Government's annual glasshouse gas reduction objectives for our energy retailers.
- To reach these standards, energy retailers must purchase Victorian Energy Efficiency Certificates equivalent to the quantity of glasshouse gas emitted or avoided entering the environment.
- A certificate is equal to one tonne of glasshouse gas emissions.
- There is no catch; simply take advantage of the government incentive and save money on your lighting expenses.
Evaluate Your Eligibility
Victorian households or businesses who utilise incandescent globes, mercury halide, fluorescent tube lighting, or halogen down-lights are eligible to participate. Some terms and conditions apply.
You may always phone us at 0452 293 933 to find out whether you qualify.
www.energy.nsw.gov.au