Understanding VEECs: Your Key to Energy Savings in Victoria" Introduction:

November 15, 2023

Victorian Energy Efficiency Certificates (VEECs) are a cornerstone of Victoria's efforts to promote energy efficiency. These certificates play a crucial role in the state's energy-saving rebate programs, but understanding how they work can be a bit of a puzzle. Let's demystify VEECs – how they are issued and calculated and how to use them to get rebates for home upgrades.

What are VEECs?
VEECs are tradable certificates created under the Victorian Energy Upgrades (VEU) program. Each certificate represents one tonne of greenhouse gas emissions saved using energy-efficient technology or practices in homes and businesses.

How are VEECs Issued?

  1. Energy-Saving Activity: First, an energy-saving upgrade must be carried out. This could be anything from installing LED lighting to upgrading to more efficient heating systems.
  2. Accredited Providers: These upgrades must be conducted by an accredited provider registered under the VEU program.
  3. Creation of VEECs: Once the upgrade is completed, the provider can create VEECs equivalent to the amount of emissions reduced by the upgrade.

Calculating VEECs

  • The number of VEECs issued depends on several factors:
  • Type of Upgrade: Different upgrades save different amounts of emissions.
  • Duration of Benefit: The lifetime of the energy-saving benefit plays a role. For example, a long-lasting insulation upgrade will generate more VEECs than a shorter-term solution.
  • Emission Reduction Formula: The VEU program uses specific formulas to calculate the emissions saved by each type of upgrade.

Redeeming VEECs for Rebates

  • Selling VEECs: Accredited providers can sell the VEECs they generate to energy retailers, who must buy a certain number of VEECs each year.
  • Passing on Savings: The money made from selling VEECs allows providers to offer customers discounts and rebates on energy-saving upgrades.
  • Direct Benefit to Households: When you use an accredited provider for your home upgrades, part of the cost is offset by the value of the VEECs your upgrade generates.

VEECs are more than just certificates; they're tickets to a more energy-efficient and sustainable lifestyle. By participating in the VEU program and undertaking eligible upgrades, Victorian households and businesses can reduce their carbon footprint and enjoy significant savings on energy bills.

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