The Victorian Energy Upgrades (VEU) program is established under the Victorian Energy Efficiency Target Act 2007 to help Victoria reduce its greenhouse gas emissions, reduce the use of electricity and gas and invest in industries that provide energy demand management technology and services. The program provides subsidies for residential and business consumers to reduce their energy use by upgrading appliances, processes or buildings
We are now seeking your views on:
- Target setting for Victorian Energy Upgrades (VEU)
- Changes to VEU lighting activities.
The VEU program is a market-based program that encourages households and businesses to reduce their energy consumption. When accredited businesses undertake eligible energy efficiency improvements in homes or businesses, they create Victorian Energy Efficiency Certificates (VEECs). Each VEEC represents one tonne of greenhouse gas emissions saved over the lifetime of the activity or product installed. VEECs can then be sold to energy retailers who must meet an emissions saving target each year.
The VEU program is designed to encourage the uptake of energy efficiency activities in residential, business and non-residential premises. These activities are specified in the Victorian Energy Efficiency Target Regulations 2018, Victorian Energy Efficiency Target (Project-Based Activities) Regulations 2017 and associated Specifications.