This programme from the Victorian government assists people and companies in lowering their electricity costs and greenhouse gas emissions. By giving customers access to cheap goods and services, it does this.

On January 1, 2009, the Victorian Energy Efficiency Target Act of 2007 (the Act) went into effect. The Act, the Victorian Energy Efficiency Target Regulations of 2008, and the Victorian Energy Efficiency Target (Project-Based Activities) Regulations of 2017 all govern how the programme is run.

The Victorian Energy Efficiency Target Act of 2007 (the Act) becomes effective on January 1, 2009. The initiative is administered in accordance with the Act, the Victorian Energy Efficiency Target Regulations of 2008, and the Victorian Energy Efficiency Target (Project-Based Activities) Regulations of 2017.

What is VEU (VEET) Scheme?

The Victorian Energy Upgrades (VEU) programme offers homes and companies subsidised access to energy-efficient goods and services, assisting Victorians in lowering their electricity costs and lowering greenhouse gas emissions.

A state-wide objective for energy savings is established as part of the program, and as a result, a variety of energy-efficient goods and services are made affordable for homes and businesses.

Accredited companies can produce Victorian Energy Efficiency Certificates by providing these financial incentives. (VEECs). The quantity of certificates produced is determined by the associated greenhouse gas reductions for the good or service. Depending on market activity and certificate price, families and companies receive varying degrees of incentives or discounts.

Products must be installed expertly by a recognised provider. At participating shops' points of sale, some appliances may be eligible for incentives. Customers should consult a recognised source before making a purchase.

Market-based programmes are used in the Victorian Energy Upgrades programme. The value of certificates might change because of customer supply and demand rates because it is a free market, just like any other kind of market. As a result, the accessibility of goods and services may change over time.

According to the Victorian Energy Efficiency Target Act of 2007, the Victorian Energy Efficiency Target Regulations of 2008, and the Victorian Energy Efficiency Target (Project-Based Activities) Regulations of 2017, the Victorian Energy Upgrades programme (formerly known as the "VEET scheme") was formed.

By giving up their Victorian Energy Efficiency Certificates, energy retailing companies are legally required by this legislative framework to satisfy an annual greenhouse gas emission reduction target.

The Essential Services Commission (ESC), Victoria's independent regulator of the retail energy sector, oversees the operation of the programme. Its responsibility is to monitor energy companies' performance reporting and compliance, as well as to accredit companies and the goods and services that qualify for the programme. The ESC website contains more details regarding the management of the programme.

Source: https://www.energy.vic.gov.au/energy-efficiency/victorian-energy-upgrades/about-the-program