Victorians making energy efficient improvements to their home or business premises can be eligible for Victorian Energy Efficiency Certificates (VEECs)
These are financial incentives, provided for installation of energy efficient water and space heating in households and enterprises.
Unlike STCs and LGCs, which operate on a national level, VEECs only reward Victorians for reducing greenhouse gas emissions by making energy efficient improvements to their property or premises. These improvements involve the installation of energy saving products, usually in conjunction with the removal from service of an inefficient unit.
Under the scheme, the system owner can apply for one VEEC for every tonne of carbon dioxide avoided as a result of their installation. Energy retailers are legally bound to purchase a fixed proportion of VEECs each year based on their electricity and/or gas sales, thus creating a market based on supply and demand. The financial benefit is passed on to the system owner based on the market’s wholesale price at the time.
With electricity and gas prices constantly on the rise, it already makes economic sense for consumers to replace their inefficient appliances with upgraded models or new technologies. By combining the savings in power bills with the incentives offered through VEECs, involvement in energy efficient activities in Victoria becomes even more financially attractive for consumers and businesses.
Because VEECs are created on a ‘deemed basis’ (i.e. the lifetime energy savings are calculated upfront), the costs involved are significantly reduced, enabling a much quicker return on investment.
G-Store can advise you if appliance being installed is eligible, call us on 03 9571 3533 for more information.