The Victoria Government’s VEEC Scheme
What is a VEEC?
VEEC stands for Victorian Energy Efficiency Certificate. It is an electronic certificate created in accordance with the Victorian Energy Efficiency Target Act 2007 and the Victorian Energy Efficiency Target Regulations 2008. Each VEEC represents one ton of carbon dioxide equivalent (CO2-e) saved as a result of a specified and approved energy-saving activities such as installing LED lights (known as Prescribed Activities).
How do I save money from the VEECs if I am a homeowner who wants to install LED lights?
Home owners currently cannot directly claim VEECs because VEECs can only be created by entities accredited by the Essential Services Commission (ESC). These entities are known as Accredited Persons. The way that you can benefit from VEECs is simple. You change your lights over to LEDs. Imaca Pty Ltd offers you a great deal and then you assign the rights to create the VEECs over to the accredited entity who then creates the VEECs.
How many VEECs can be created for a given Prescribed Activity?
The number of VEECs that a given activity can yield depends on the amount of CO2-e that the activity will save. The saving is calculated by comparing the difference between (i) the energy use of the new product and (ii) the 'baseline' energy use, which refers to the amount of energy that would have been used if the new high efficiency product had not been installed. The Regulations provide the methodology and values for calculating the CO2-e savings (and therefore the number of VEECs eligible for creation) for each Prescribed Activity. The ESC also provides VEEC calculators that give an indication of how many VEECs may be created for each Prescribed Activity.
Who is eligible to create VEECs?
VEECs can only be created by entities accredited by the Essential Services Commission (ESC). These entities are known as Accredited Persons.
When can VEECs be created?
VEECs must be created no later than six months after the end of the year in which the Prescribed Activity was undertaken. For example, if a Prescribed Activity was undertaken in February 2011, VEECs could be created as a result of that activity up until 30 June 2012.