Table of contents Introduction The Victorian Energy Efficiency Target (VEET) is a market-based scheme that encourages households and businesses to reduce their energy consumption. When people make eligible energy efficiency improvements to their home or workplace through the scheme, they earn certificates. Every certificate represents one tonne of greenhouse gas emissions saved over the lifetime of the product installed. Certificates can then be sold to energy retailers, who must to meet an emissions savings target each year. When the VEET scheme started in 2009, it was only available to households. The scheme was expanded to include businesses in 2012. Energy efficiency measures currently available for business through the scheme use simple, deemed methods. This is limiting the opportunities for many businesses to benefit from VEET incentives for their potentially greatest energy savings. To create more flexible benefits for business through the VEET scheme, the Victorian Government is considering introducing new, project- based assessment methods. This follows setting new scheme targets for 2016-2020, designed to encourage increased energy efficiency through the scheme.
Table of contents Introduction The Victorian Energy Efficiency Target (VEET) is a market-based scheme that encourages households and businesses to reduce their energy consumption. When people make eligible energy efficiency improvements to their home or workplace through the scheme, they earn certificates. Every certificate represents one tonne of greenhouse gas emissions saved over the lifetime of the product installed. Certificates can then be sold to energy retailers, who must to meet an emissions savings target each year. When the VEET scheme started in 2009, it was only available to households. The scheme was expanded to include businesses in 2012. Energy efficiency measures currently available for business through the scheme use simple, deemed methods. This is limiting the opportunities for many businesses to benefit from VEET incentives for their potentially greatest energy savings. To create more flexible benefits for business through the VEET scheme, the Victorian Government is considering introducing new, project- based assessment methods. This follows setting new scheme targets for 2016-2020, designed to encourage increased energy efficiency through the scheme.
Project-based-assessments-in-the-VEET-scheme-October-2015-stakeholder-consultation-paper2.docx