VEET Scheme Update | VEET changes to VEU Program | 2017
The VEET Scheme changes to the VEU Program
The Victorian Energy Efficiency Target (VEET) Scheme has decided to make a change and rebrand with a new name and new regulations. The Victorian Energy Efficiency Target, under the VEET Act 2007 More Scheme, also known as the Energy Saver Incentive began in 2008 with a purpose to make energy efficiency improvements more affordable, reduce greenhouse gas emissions and encourage energy efficiency. The VEET Scheme has been well-known for offering Victorian’s free lighting upgrades and has said to have helped more than 70,000 businesses and 1.7 million households.
Why are they changing the name to Victorian Energy Upgrades Program
The An energy savings certificate (ESC) is a tradeable certificate created under Division 7 of Part 9 of the Electricity Supply Act 1995. Each ESC represents one notional megawatt hour (MWh) of energy. More website explains this well. To put it simply, there was confusion on who administers and regulates the program and who set the program policy. The government rebranded the public-facing aspect of VEET to the Victorian Energy Upgrades Program, but the internal administrative side remains known as the VEET Scheme.
Changes for the Victorian Energy Efficiency Target Regulations
Fundamentally the scheme didn’t change, the purpose and objectives are relatively the same. The big difference is the scheme is moving with the times and as the industry evolves, the relevant methods change. The new scheme will now include several new activities including a customised way to measure Electricity or gas savings or both. More. The changes in the program will also give previously excluded large energy users the opportunity to benefit from Victorian Energy Upgrades.