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VEET is now VEU

VEET is now VEU

Victoria’s energy saving incentive program, known as the VEET scheme, has a new name. VEET stands (or stood) for Victorian Energy Efficiency Target. The program is now called VEU. That stands for Victorian Energy Upgrades.

Expanding target

Originally the VEET was for small to medium businesses and households. But from August 2017 the scheme has expanded so that large businesses can opt in. The target for CO2 emissions savings has also expanded with the 5.9 million tonnes for 2017 rising to 6.1 million tonnes in 2018 and 6.5 million tonnes in 2020.

Certificate creation

Given that a tonne of CO2 saved is one certificate, that means a lot of certificates need to be generated by businesses and households reducing their energy consumption. The certificates are still called VEECs (Victorian Energy Efficiency Certificates). The program works by having accredited providers document activities that save energy such as upgrading conventional lighting to LED. There are rules that must be followed. With a lighting upgrade only approved LED fittings can be used. And the old lights must be disposed of properly. A set formula determines how many lights and of what type constitute a tonne of CO2 saved and results in a VEEC being created. Accredited providers enter these details online and pay the government for their accreditation. Accredited providers can be sole traders or organisations.

Makes sense

Energy providers – companies like AGL and Origin – are obliged to purchase the certificates and the accredited providers pass on some of this money to the business by reducing the cost of the installation. If you are wondering where the money comes from for energy providers to buy these certificates, businesses have a VEET or VEU charge on their power bills. So it makes sense for a business to recoup this money by making some certifiable energy upgrades.

More incentives

Victoria’s Minister for Energy, Environment and Climate Change Lily D’Ambrosio said of the new program: “Victoria is leading the way in providing affordable energy-saving activities. We’re adapting this program to ensure it meets the changing and future needs of energy users by increasing access and providing more incentives for energy efficiency upgrades.”

Haneco’s VEU compliant products:

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