The Victorian Energy Efficiency Target (VEET) scheme is a Victorian Government initiative. It was established under the Victorian Energy Efficiency Target Act 2007 (the Act) and commenced on 1st of Jan 2009. It is legislated to continue in three-year phases until 1 January 2030. The purpose of the VEET scheme is to reduce greenhouse gas emissions, encourage the efficient use of electricity, and to encourage investment, employment and technology development in industries that supply goods and services which reduce the use of electricity and gas by energy consumers.
Relevant Entities (for example approved LED providers) are able to create certificates by replacing old inefficient lighting. Each certificate represents one tonne of greenhouse gas abated and is known as a “Victorian Energy Efficiency Certificate” (VEEC). The Act allows accredited entities to create VEECs when they help energy consumers make selected energy efficiency improvements to their business premises. Revenue generated through the sale of VEECs enables Accredited Persons to offer energy consumers financial benefits that may reduce or in some cases eliminate the cost of undertaking these energy efficiency improvements.
Target in tonnes CO2 -e GHG abatement
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