VEET – Victoria’s very own and famous energy saving incentive program has recently got a new identity. Now, it is known as VEU, which stands for Victorian Energy Upgrades. Whether you call it VEET or VEU, the ultimate goal of the program remains the same, i.e., explore new ways to reduce energy usage and power bills. This comes after the mandatory 10-year review of the VEET program, which clearly states that from 10 December 2018 onward, the Victorian Energy Efficiency Target (VEET) scheme will be officially known across the commission’s websites and documentation as the Victorian Energy Upgrades (VEU) program. The VEET scheme commenced in 2009 with an ambition to:
Make energy upgrades affordable
Help nation decrease greenhouse emission
Encourage innovation in energy efficiency tech and service industry
For a decade, accredited service providers are helping Victorian households and businesses with energy efficiency upgrades. The program has permitted certain accredited providers to perform energy upgrades to keep the entire process foolproof and regulated. The accredited provider gets a Victorian energy efficiency certificate for each upgrade. Each certificate represents one tonne of greenhouse gas abated. Energy retailers are then required to buy and surrender these certificates to meet legislated targets. Next Big Thing: Commercial LED Lighting Upgrade
Because the regulations must be reformed every 10 years in Victoria. The VEET regulations came into being in 2008, and hence were due to expire on 11 December 2018. Hence, the scheme is getting a new name and updated regulations after the successful completion of 10 years. The Essential Services Commission (ESC) regulates VEU, program participants, eligible products and the creation of Victorian energy efficiency certificates (VEECs) under the VEU program. The purpose of the new name is to remove confusion for energy consumers, product providers, and the public. The officials say,
The name change better aligns our administrative and regulatory work with the Department of Environment, Land, Water and Planning, which adopted ‘Victorian Energy Upgrades’ as the public-facing name in late 2017.
According to the program officials, in the last 10 years, the program has generated more than 50 million energy efficiency certificates (VEECs). In simple words, 50 million VEECs are equal to 50 million tonnes of greenhouse gas stopped from entering into the atmosphere. According to ECS, more than 100,000 energy-efficient products have been installed in homes and businesses in Victoria under the energy efficiency program in 2017 alone.
How can you Benefit from VEU Program?
Well, the VEU program emphasizes reducing energy consumption and greenhouse gas emissions of Victoria. To achieve this, the state government is encouraging the latest tech innovations like LED lights that consume very little energy than old lights. LEDs are capable of saving up to 80% on your lighting costs. All you need is to replace old lights with energy-efficient LED lights. Not only do they reduce your energy bills but also your maintenance cost because LEDs last much longer than incandescent, halogen, and CFL bulbs. And, the Victorian government is offering financial incentives or rebates for replacing your old bulbs with LED lights. Meaning, you are eligible for the rebate/discount on the cost of LED lights if your business or household is using old lights.
What Does This Mean for You?
As a house or business owner, you can save big in lighting under the VEU program. VEU is providing rebates on the cost of LED lights. If you are still using incandescent bulbs or CFLs in your home or business, you are burning money. Rebranding has expanded the horizons by bringing public and outdoor spaces, open-air car parks, and sporting fields, tunnels, and underpasses under the energy efficiency improvement scheme through lighting upgrades. If you are one of the large energy users, the expansion could help you save thousands of dollars on energy bills with subsidized energy efficiency upgrades. VEU is targeting: Year Tonnes of greenhouse gas emissions abated through energy efficiency 2018 6.1 million 2019 6.3 million 2020 6.5 Million Also Read: Residential LED Lighting Upgrade
Highlights from the Year 2017
109,000 installations: In 2017, the Victorian Energy Efficiency Target (VEET) scheme enabled more than 109,000 installations of energy-efficient products in homes and businesses across Victoria. 8.5 million certificates created in 2017: 8.5 million Victorian energy efficiency certificates were created under the VEET scheme in 2017 (exceeding the pre-set target of 5.9 million), each certificate equals one tonne of greenhouse gas abated by energy-efficient products. 50 million certificates created so far: More than 50 million VEECs have been created since the initiation of the scheme in 2009. (source)
Common FAQs about the Victorian Energy Upgrades (VEU)
Q: What is the VEU program? The VEU (Victorian Energy Upgrades) program, previously known as VEET (Victorian Energy Efficiency Target), is one of the most popular energy savings programs promoted by the Australian government. The purpose of the program is to make energy efficiency improvements affordable to all households and businesses across the state, reduce greenhouse gas emissions, and increase investment, employment and tech innovations in the field of energy efficiency. It was established under the Victorian Energy Efficiency Target Act 2007 Act commenced on 1 January 2009. Q: How does the VEU scheme work? The VEU program allows an Accredited Person (AP) to create Victorian Energy Efficiency Certificates (VEECs) to help energy consumers make energy upgrades in the form of residential and commercial LED replacements. Each certificate represents a tonne of greenhouse gas abated. APs sell these VEECs to the energy retailers who are liable to surrender a specified number of energy efficiency certificates every year to the government. Revenue generated through the sale of VEECs enables APs to provide consumers special offers, reducing the cost of undertaking energy upgrades. The upgrade process works with fixing an appointment with you to do a free assessment of the site. Assessment is followed by a visit from one of our installers or electricians to replace old lighting products with new products. After the successful completion of the installation, our staff will give you a quick call to confirm if the upgrade process went smooth and new products are working fine. Q: Is the VEU scheme still available? Yes! The scheme is legislated to continue until 1 January 2030. Q: Who regulates the VEU program?
Policy framework responsibility: Victorian Government Department of Environment, Land, Water and Planning (DELWP)
Ministerial responsibility: VIC Minister for Energy, Environment and Climate Change
Q: What are VEECs? Also known as the Victorian Energy Efficiency Certificates, VEECs are certificates an AP (Accredited Person) can create after successful completion of an upgrade under the VEU scheme. Each certificate represents one tonne of greenhouse gas abated. Q: How are VEECs created? The process starts with the replacement of old/inefficient lights like incandescent, CFL, halogen bulbs, etc., with energy-efficient LED products approved under the VEU program by an AP or their representatives. Once the installation is complete, the AP creates VEECs for energy upgrades. AP then sells these energy certificates to the energy retailer, who are liable to buy a certain amount of VEECs every year. Fill in the contact form below to get old lights in your house or business replaced with energy-efficient LED lights today.Our expert installer will get in touch with you to conduct a free onsite assessment.