The Victorian Government program VEU(Victorian Energy Upgrades) helps businesses and households cut power bills and reduce greenhouse gas emissions.
Energy Saving Light Globes Replacement Program By Government of Victoria
Victorian Energy Upgrades(VEU) by the government of Victoria can save your money on upgrading lighting costs, reduce your energy costs and contribute to the environment.
A national energy-saving target is set by the program which results in a variety of energy-efficient products and services for households and businesses being provided at discount.
In the last few years(specifically in the last decade), lighting technology has evolved rapidly. Not only are LEDs are now more effective than older technologies such as incandescents, halogens, and CFLs, they are amazingly energy-efficient, environment-friendly and economically viable. Usually, they have the longest lifespan, which means that you will not have to replace them frequently.
By adding electricity-saving LED light bulbs, you save up to 80 percent on your lighting costs. That's up to 16 dollars annually per globe. - Essential Services Commision.
Victorian Energy Upgrades or VEET Scheme
The Victorian Energy Efficiency Target (VEET) was commenced in 2009, in order to:
make energy efficiency improvements more affordable
contribute to the reduction of greenhouse gases
encourage investment, employment, and innovation in industries that supply energy efficiency goods and services.
On 10 December 2018, the Victorian Energy Efficiency Target (VEET) scheme was officially rechristened as the Victorian Energy Upgrades (VEU) program.
How Does The Scheme Works?
The Victorian Energy Upgrades (VEU) scheme, which provides access to subsidized, energy-efficient products and services like discounted or free LED lights replacement, allows Victorians to reduce their energy and gas emissions.
The program also encourages investment, employment, and innovation in the industries which supply these products and services.
In order to achieve the annual objective set in the Victorian legislation, large energy retailers are required to acquire and submit Victorian Energy Efficiency Certificates (VEECs).
VEECs can be generated by the Accredited Providers(APs) who conduct upgrading operations through the energy-efficient appliance installation in residential or non-residential buildings.
The greenhouse gas savings associated with an energy-efficient product being installed and/or the inefficient product being decommissioned determine the number of VEECs that can be created. The level of incentive or discount received by households and businesses varies depending on the market activity and the price of the certificate.
What are the VEECs?
The Victorian Energy Efficiency Target (VEET) and NSW Energy Savings Scheme (ESS) were launched in 2009, designed to make energy efficiency improvements more affordable and encourage investment, employment, and innovation in industries that supply energy efficiency goods and services.
Each Victorian Energy Efficiency Certificate (VEEC) and Energy Savings Certificate (ESC) represent a saving of one tonne of greenhouse gas emissions.
VEECs are only applicable to upgrades, renovations or retrofits and are not applicable to new builds. A minimum of 50 certificates must be generated to be eligible. Certificates are traded on the wholesale market, their price is volatile and they can only be created by entities accredited by the Essential Services Commission (ESC). In August 2017, the VEET scheme was
relaunched as the Victorian Energy Upgrades (VEU) in an attempt to harmonize the two programs.
Eligible Household & Businesses Under the VEET Scheme
You are entitled to be upgraded if you reside in Victoria state and you have installed the (old) incandescent, CFL or halogen bulbs at the workplace or your home.