LED Upgrades with The Victorian Energy Upgrade Program (VEU)
Energy Makeovers are proud to be the largest Accredited Partner in the Victorian Energy Upgrades Program. This program, previously called VEET, encourages Victorian businesses and homes to undertake energy efficiency upgrades to reduce their carbon emissions and increase carbon abatement across the state.
The program entitles residents and businesses in the state of Victoria to take advantage of subsidies for energy-saving activities such as retrofit lighting upgrades.
For example, if you upgrade just 1 downlight in your home from halogen to LED you’re reducing the energy that one light fitting consumes by 85%. Expand this across your whole home and you’re drastically reducing the energy requirements to light your house.
The VEET scheme (then titled) expanded its program from small businesses and homes to include larger energy-guzzling businesses in 2017 and rebranded to the Victorian Energy Upgrades Program. By including larger businesses into the scheme the State was able to increase its energy-saving opportunities exponentially.
When an energy-efficient upgrade is undertaken it creates VEECs (Victorian Energy Efficiency Certificates). The type of upgrade alters the amount of VEECs created. Energy retailers are required by law to purchase an amount of VEECs to match the target the Victorian Government has set and they’re able to purchase the certificates from the free market.
So, when you have your home or business upgraded you sign a document that allocates these VEECs to Energy Makeovers who then trade them on the market on your behalf. The funds acquired by this exchange then offset a significant amount of the cost of your upgrade.
We’re often asked if tax payers fund the cost of these subsidies. The answer is no – energy retailers fund the subsidies provided by the VEU program.
The targets (shown in tonnes C02-e greenhouse gas abatement) for VEU for the years ahead are:
Amount of Victorian Energy Efficiency Certificates (VEECs)
Target in tonnes CO2-e GHG abatement
In 2016 Energy Makeovers created our 3 millionth VEEC. That's over 3 million tonnes of CO2 abated for the state of Victoria. It's a fantastic achievement, but there’s a lot further to go.
Is your home or business eligble for a free or subsidised upgrade?