Victorian Energy Upgrades
– Formerly VEET Scheme
This Victorian Government program helps businesses and households cut power bills and reduce greenhouse gas emissions. It does this by providing access to discounted energy-efficient products and services.
Victorian Energy Efficiency Target Act 2007 (the Act) and commenced on 1 January 2009. The scheme is administered in accordance with the Act, the Victorian Energy Efficiency Target Regulations 2008 and the Victorian Energy Efficiency Target (Project-Based Activities) Regulations 2017.
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.
What is VEU (VEET) Scheme ?
The Victorian Energy Upgrades program (previously the ‘VEET scheme’) is established under the Victorian Energy Efficiency Target Act 2007, the Victorian Energy Efficiency Target Regulations 2008 and the Victorian Energy Efficiency Target (Project-Based Activities) Regulations 2017.
This legislative framework places a legal requirement on energy retailer companies to meet an annual greenhouse gas emission reduction target by surrendering Victorian Energy Efficiency Certificates.
The program is administered by the Essential Services Commission (ESC), which is the independent regulator of the retail energy industry in Victoria. Its role is to oversee compliance and performance reporting by energy businesses and to accredit businesses and the products and services which are eligible under the program. More information about the administration of the program can be found on the ESC website.