The VEET scheme is a Victorian Government initiative promoted as the Energy Saver Incentive. It commenced on 1 January 2009 and is administered by the Essential Services Commission (ESC). The scheme was established under the Victorian Energy Efficiency Target Act 2007 and is administered in accordance with the Victorian Energy Efficiency Target Regulations 2008.
From 1 January 2012 the Victorian Energy Efficiency Target (VEET) will be expanded to cover business users. VEET has been in place since 1 January 2009, with a target of reducing greenhouse gases by 2.7 million tonnes per annum across residential customers.
With the expanded coverage, the annual reduction target will increase to 5.4 million tonnes per annum across all electricity and gas users. Whilst legislation changes were approved earlier this year, final technical aspects of the expanded scheme will not be released until later this year.
Modelling undertaken on behalf of Victoria's Department of Primary Industries predicts that costs incurred by energy retailers in meeting their VEET obligations will be more than offset by reduced energy commodity prices (the modelling predicts commodity prices to fall due to lower energy demand in Victoria).
The VEET scheme is designed to make energy efficiency improvements more affordable, contribute to the reduction of greenhouse gases, and encourage investment, employment and innovation in industries that supply energy efficiency goods and services.
Under the scheme, accredited businesses can offer discounts and special offers on selected energy saving products and appliances. The bigger the greenhouse gas reduction, the bigger the potential saving.
Whether you're a consumer wanting to access benefits under the scheme, a business interested in becoming accredited, or someone looking to trade in energy efficiency certificates, this website provides the information you will need. Simply navigate to the relevant sections using the menu on the left.
Please visit https://www.veet.vic.gov.au you will also find an explanation of how the scheme works and the roles of the various stakeholders, as well a number of public registers - including the register of Victorian energy efficiency certificates (VEECs).