What is VEU (VEET) Scheme?
The Victorian Energy Upgrades (VEU) program is helping Victorians cut power bills and reduce greenhouse gas emissions by giving households and businesses access to discounted energy-efficient products and services.
The program works by setting a state-wide target for energy savings that result in a range of energy-efficient products and services being made available to homes and businesses at a discount.
Accredited providers that deliver these financial incentives can generate Victorian Energy Efficiency Certificates (VEECs). The number of certificates generated is based on the greenhouse gas savings that are associated with the product or service. The level of incentive or discount received by households and businesses varies depending on the market activity and certificate price.
Products must be professionally installed by an approved provider. Incentives for the purchase of some appliances may be available at point of sale at participating retailers. Consumers should check with an accredited provider prior to purchase.
The Victorian Energy Upgrades program is a market-based program. Since it is a free market, the value of certificates can fluctuate due to consumer supply and demand rates, just like any other type of market. Consequently, the availability of products and services can also vary over time.
The Victorian Energy Upgrades program (previously the ‘VEET scheme’) is established 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.
This legislative framework places a legal requirement on energy retailer companies to meet an annual greenhouse gas emission reduction target by surrendering Victorian Energy Efficiency Certificates.
The program is administered by the Essential Services Commission (ESC), which is the independent regulator of the retail energy industry in Victoria. Its role is to oversee compliance and performance reporting by energy businesses and to accredit businesses and the products and services which are eligible under the program. More information about the administration of the program can be found on the ESC website.