VEET Scheme Rebrands Itself after 10 Years to Victorian Energy Upgrades (VEU)
VEET is now VEU
VEET – Victoria’s very own and famous energy saving incentive program has recently got a new identity. Now, it is known as VEU, which stands for Victorian Energy Upgrades.
Whether you call it VEET or VEU, the ultimate goal of the program remains the same, i.e., explore new ways to reduce energy usage and power bills.
This comes after the mandatory 10-year review of the VEET program, which clearly states that from 10 December 2018 onward, the Victorian Energy Efficiency Target (VEET) scheme will be officially known across the commission’s websites and documentation as the Victorian Energy Upgrades (VEU) program.
The VEET scheme commenced in 2009 with an ambition to:
Make energy upgrades affordable
Help nation decrease greenhouse emission
Encourage innovation in energy efficiency tech and service industry
For a decade, accredited service providers are helping Victorian households and businesses with energy efficiency upgrades. The program has permitted certain accredited providers to perform energy upgrades to keep the entire process foolproof and regulated.
The accredited provider gets a Victorian energy efficiency certificate for each upgrade. Each certificate represents one tonne of greenhouse gas abated. Energy retailers are then required to buy and surrender these certificates to meet legislated targets.
Next Big Thing: Residential LED Lighting Upgrade
Because the regulations must be reformed every 10 years in Victoria. The VEET regulations came into being in 2008, and hence were due to expire on 11 December 2018.
Hence, the scheme is getting a new name and updated regulations after the successful completion of 10 years. The Essential Services Commission (ESC) regulates VEU, program participants, eligible products and the creation of Victorian energy efficiency certificates (VEECs) under the VEU program.
The purpose of the new name is to remove confusion for energy consumers, product providers, and the public. The officials say,
The name change better aligns our administrative and regulatory work with the Department of Environment, Land, Water and Planning, which adopted ‘Victorian Energy Upgrades’ as the public-facing name in late 2017.
According to the program officials, in the last 10 years, the program has generated more than 50 million energy efficiency certificates (VEECs).
In simple words, 50 million VEECs are equal to 50 million tonnes of greenhouse gas stopped from entering into the atmosphere.
According to ECS, more than 100,000 energy-efficient products have been installed in homes and businesses in Victoria under the energy efficiency program in 2017 alone.
How Can You Benefit from VEU Program?
Well, the VEU program emphasizes on reducing energy consumption and greenhouse gas emissions of Victoria. To achieve this, the state government is encouraging the latest tech innovations like LED lights that consume very little energy than old lights.
LEDs are capable of saving up to 80% on your lighting costs. All you need is replace old lights with energy-efficient LED lights. Not only do they reduce your energy bills but also your maintenance cost because LEDs last much longer than incandescent, halogen, and CFL bulbs.
And, the Victorian government is offering financial incentives or rebates for replacing your old bulbs with LED lights. Meaning, you are eligible for the rebate/discount on the cost of LED lights if your business or household is using old lights.