How does the VEU Program work?
The VEU program is a government initiative focused on saving energy. It offers rebates or discounts on energy-efficient products for homes and businesses. This helps lower electricity bills and reduces harmful emissions.
Businesses participating in the program earn certificates called VEECs for each energy-saving upgrade they make. These certificates represent the amount of greenhouse gasses prevented from entering the atmosphere. Accredited providers then sell these certificates to energy companies.
Energy companies use these certificates to meet targets set by the government to reduce emissions. The amount of rebate or discount given to households and businesses depends on factors like market activity and certificate price. The Essential Services Commission oversees the program, accrediting providers and approving the products eligible for installation.
How is this program beneficial for Victorians?
Victorian Energy Upgrades help cut pollution and make energy affordable for everyone in Victoria.
Projections indicate that the program's energy-saving initiatives will lead to a notable 7% reduction in Victorian electricity consumption by 2025. Consequently, this reduction is anticipated to yield significant cost savings, estimated at $3.8 billion, in the overall energy system expenditure.
Lowers emission of greenhouse gasses
In accordance with the fresh goals to decrease emissions, the plan will ensure that Victoria saves 28 million tonnes of greenhouse gasses from 2022 to 2025. This saving is like removing over 8.5 million cars from the roads for a year.
Lowers energy bills
Installing energy-efficient products through the Victorian Energy Upgrades program helps to decrease the amount of energy needed and reduces the necessity to construct additional energy facilities. As a result, this lowers energy costs for everyone by more than what it costs to run the program.
Even if you don't directly participate in the program, you'll still see savings on your energy bills.
Expansion of the program
The program is growing to offer more activities and rewards to encourage households to make changes that save energy and reduce costs.
The introduction of new incentives will help Victorian households:
- Swap out old gas appliances for newer, more efficient electric ones.
- Set up smart appliances that can help manage energy use.
- Get home energy rating systems to understand and improve energy efficiency.
