Northmore Gordon this week has registered the first ever VEECs for a Solar PV installation.
The successful project claimed VEECs for avoided carbon emissions from 581kW system installed on the roof of The Australian Glass Group’s (AGG) head office and manufacturing site in Knoxfield. The building owners – APN Property Group – agreed to an addendum on the existing lease to allow AGG to save on energy costs with an agreed ROI, while greening their property portfolio.
The PV system has had the annual carbon savings measured and verified at 421 tonnes of CO2 per annum. Using the VEU program has also enabled AGG to continue to use Green Power from the solar PV system on their roof. If the system had claimed LGCs and sold those LGCs they could no longer claim the site was reducing their emissions from electricity based on the federal carbon accounting rules.
Using the VEU Project Based Assessment (PBA) has given a return of more than 3x what would have been realised for the customer had they claimed LGCs. The time to cash was dramatically reduce to 15 months from project commissioning instead of claiming LGCs out to 2030. The high value of the VEECs combined with the 15-month time frame for realising the certificate value, reduced the upfront cost of the system, payback period, and increased the ROI of the project.
“Solar VEECs are really ramping up VIC. Today, 30-40% of the cost of a large-scale solar project can be covered through VEECs – it’s a game changer. Whilst the VEU PBA method is complex, Northmore Gordon pioneered measurement & verifications under the VEU and we now have substantial experience across a wide range of sites and implementations. For our customers this means less risk and the best possible outcome.”Hamish McGovern – Northmore Gordon, Group Commercial Director
Northmore Gordon is the leader in VEEC creation under the VEU PBA method, which was launched in 2017, with 64% of all VEECs created using the method to date, corresponding to 121,000 tonnes of CO2-e abated from Victorian projects. The Victorian Energy Upgrades program is the state’s flagship energy efficiency program that has driven a reduction of 74.9 million tonnes of CO2-e in Victoria since 2009. Each VEEC is worth 1 tonne of CO2-e not emitted.
Talk to Northmore Gordon today to take advantage of the Victorian Energy Upgrades program.