Victorian Energy Upgrades (VIC)
The Victorian Energy Upgrades (Victorian Energy Upgrades is a Victorian government energy efficiency program that gives every Victorian household and business the opportunity to receive rebates or discounts on energy saving products. More) is driving energy efficiency upgrades in Victoria by providing financial incentives, based on greenhouse gas emissions saved, to make implementation more affordable and attractive.
Also known as the Energy Saver Incentive or the Victorian Energy Efficiency Target, under the VEET Act 2007 More Scheme, it is administered in accordance with the VEU Regulations 2018 by the Essential Services Commission.
Victorian Energy Efficiency Certificates (VEECS) can be created by an Accredited Person (Accredited Provider – a person accredited under the Victorian Essential Services Commission (ESC) to create VEECs for Prescribed Activities. More) and sold to a liable party (Energy Retailer) when a legitimate activity takes place.
The scheme places an obligation on Energy Retailers to purchase certain quantities of Victorian Energy Efficiency Certificates (VEECs) every year, and through a wholesale certificate market, this creates the incentive for energy efficiency activities.