VICTORIAN ENERGY EFFICIENCY TARGET SCHEME
By 2030 Australia has committed to reducing its carbon emission intensity by 65%. To archive, this target Victoria introduced the Victorian Energy Efficiency Target Scheme (VEET). The VEET Scheme is designed to make energy efficient technologies more obtainable to Victorian businesses and households. Under the VEET Scheme, Victorian large energy retailers have been placed with an energy liability. One option they have to counter this liability is to surrender Victorian Energy Efficiency Certificates (VEEC’s) in a year. The relevant entities can either create or purchase VEEC’s to counter energy liability.
How it works?
The Essential Services Commission (ESC) administers and regulates the Victorian Energy Efficiency Target Scheme. It is the government body which assess applicants to become Accredited Persons (AP). AP’s can create VEET’s which are based on the energy savings created from upgrading to more efficient technologies provided the energy saving is a Prescribed Activity. The AP must also be compliant with the rules and regulations of the ES.
What is VEEC?
A VEEC is a representation of one ton of greenhouse gas abated, the reduction is created by implementing energy efficient technologies and decommissioning old technology. The AP can partner with businesses to perform the technology upgrades and decommissions. The AP creates a VEEC from the energy saved from the upgrade and the VEEC is then used to help offset the cost of the upgrade to the end user. The AP ensures that the technology upgrade is compliant with the ESC’s rules.
Green Target Australia is an AP to provide quality green technology solutions at affordable prices.
Opportunities for Business
Opportunities for Residents
To put it simply, the VEET Scheme creates opportunities for Victorian households to adopt energy efficient technologies. Providing your home is eligible you can receive a lighting upgrade free in exchange for the VEEC’s created. Your household will receive a no cost upgrade with quality energy efficient products. Additionally, your household will benefit from the energy savings created from the products installed.
What are VEEC's worth to me?
To create value from VEECs you need to be an AP and ensure that the upgrades are compliant with the ESC. You also need to create a high volume of certificates to sell to energy retailers. Because of this there is little to no value for individual VEECs per business, except to receive a highly subsidised upgrade, and ongoing savings from the energy efficient technology.
Handy statistics on the energy target & VEET scheme:
- The goal of the scheme is to reduce emissions by 10 percent by 2010, by 20% by 2020 and Victoria’s overall emissions to 60% by 2050
- For the first three-year phase of the scheme (2009-11), the scheme target was 2.7 million VEECs per annum.
- This then increased to 5.4 million VEECs per annum during the second three-year phase, starting on 1 January 2012.
- 700000 Households have participated in the VEET scheme so far.
- In 2015 only 6% of certificates came from commercial lighting
- 3,637,605 certificates were created in the 2014 calendar year
- Lighting accounted for 71 per cent of certificates registered (compared with 6.9 percent in 2013)
- 22 new businesses received accreditation to participate in the scheme (scheme total: 174)
Residential Lighting Upgrade
Commercial Lighting Upgrade
Carbon Saved in Tonne
RESIDENTIAL AP
COMMERCIAL AP