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Victorian
Energy Efficiency
Certificates (VEECs)
for Commercial Solar
Victorian Energy Efficiency Certificates (VEECs)
for Commercial Solar
Whether you’re still planning to install a large-scale solar system or looking for commercial solar installers, you’re in the right place. If you reside in Victoria, a new rebate is available; that is a total game-changer.
How are they created?
The Victorian Government has thrown its weight behind solar power and renewable energy. They’re one of the first states in Australia to do so. This means plenty of benefits for companies and homeowners alike who want to improve their energy efficiency and reduce carbon emissions. One such benefit is Victorian Energy Efficiency Certificates (VEECs).
How are they created?
VEECs (Victorian Energy Efficiency Certificates) are created through the Victorian Energy Efficiency Target (VEET) scheme, which is a government initiative aimed at reducing greenhouse gas emissions and promoting energy efficiency in Victoria, Australia.
Under the VEET scheme, businesses and households can receive VEECs for implementing energy-efficient measures such as upgrading lighting systems, installing insulation, or replacing inefficient appliances. Each energy-efficient measure is assigned a certain number of VEECs based on its estimated greenhouse gas savings, and these VEECs can then be traded on a market.
The creation of VEECs involves a process of accreditation and verification. Accredited providers, who are authorized by the Essential Services Commission, assess and approve the energy-efficient measures carried out by businesses and households. The accredited providers then issue VEECs to the businesses and households, which can be sold to other market participants such as energy retailers or brokers.
Once VEECs are created, they can be traded on a market, with the price determined by supply and demand. The VEEC market is regulated by the Essential Services Commission to ensure transparency and fairness.
In summary, VEECs are created through the VEET scheme, which incentivizes businesses and households to implement energy-efficient measures. The creation of VEECs involves a process of accreditation and verification by accredited providers, and VEECs can be traded on a market once they are created.
How do VEECs work?
The Victorian Energy Efficiency Certificate (VEEC) scheme is a way to save money on your solar system. The government issues it, and you can sell it to your installer.
You can offset part of the cost of your installation by selling VEECs at the same time as buying electricity from them. This also means that instead of paying hundreds or thousands off upfront, you may only need to pay $500-$700 upfront if you take advantage of this incentive.
VEECs are a way to save money on your solar system by reducing the price of your new installation, but they also have an essential role in helping the environment. Each VEEC represents one tonne of CO2 emissions saved over its lifetime. Because energy efficiency is so important, these certificates can be traded between businesses and used as part of government schemes like the Renewable Energy Target (RET).
How can you create VEECs?
- You can create VEECs by installing energy-efficient products like LED lights and heat pump hot water systems
- You can create VEECs by installing renewable energy products like solar panels or wind turbines.
- You can create VEECs by installing energy-efficient systems, such as high-efficiency air conditioners.
- You can create VEECs by installing an appliance that has earned an Australian Energy Rating label of A+ to G and is listed as an approved product under the VEU program by the Essential Services Commission.
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How can VEECs benefit commercial solar?
Four times the value
Victorian Energy Efficiency Certificates (VEECs) payments are up to four times more valuable than large-scale solar rebate certificates like Large-scale Energy Generation Certificates or LGCs.
VEECs are utilised to offset the cost of your solar project, where the larger the amount of energy saved, the more Solar VEECs you are eligible to create.
Forward creation
You no longer need to wait ten years for your certificates because you can now create the whole amount 12 months after your system is energised.
Combine STCs and VEECs
You can not only receive a quick payback period, but you can also claim Small-scale Technology Certificates (STCs) for your first 100kW. This means you don’t have to wait to receive a cash discount upfront.
Return on investment
VEECs are a great way to maximise your return on investment. The Victorian government has set up the Victorian Energy Upgrades program, which help businesses and households reduce their carbon emissions through renewable energy use.
The certificate system encourages renewable technologies such as solar hot water systems and solar power for homes. Businesses that install these systems can claim VEECs for every megawatt hour generated by their installed system over its lifetime. Those certificates can be sold back to electricity retailers at auction, reducing the cost of buying electricity from the grid.
Help the environment
VEECs are a great way to help the environment. Helping you save money by reducing energy use while also helping reduce pollution by using clean, renewable energy sources such as solar. Since VEECs can be used as an offset for electricity infrastructure projects, they’re also an effective tool for carbon abatement.
You’re not just saving money on your electricity bills when you install solar on your business, you’re also helping to protect the environment by reducing greenhouse gas emissions.
More savings
There are several ways in which VEECs can help make your commercial solar project more attractive. Here are some of the benefits.
- VEECs can help reduce energy bills by providing financial incentives for installing renewable energy systems such as solar panels.
- VEECs can help you meet your sustainability goals by reducing your carbon footprint and increasing the amount of clean energy generated for your business.
- VEECs can help save money on electricity costs and incredibly high electricity prices.
Why your business needs solar?
Installation of commercial solar is a sustainable energy strategy. Investing in solar power offers quick advantages and long-term savings. Moreover, becoming a green advocate helps you grow your customer base. The number of entrepreneurs and organisations looking for environmentally-friendly vendors is increasing daily.
As a leading provider of technology upgrades like solar system, LED lighting, and hot water systems, Australian Energy Upgrades can attest to the many advantages businesses enjoy after deciding to leverage the power of solar energy.
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Australian Energy Upgrades Credentials
Australian Energy Upgrades have signed on to the Clean Energy Council Solar Retailer Code of Conduct – the only solar industry code of conduct authorised by the Australian Competition and Consumer Commission (ACCC).
Australian Energy Upgrades are registered solar installers with Solar Victoria. This allows us to provide eligible households with subsidised solar installations under the Solar Victoria Rebate scheme.
Australian Energy Upgrades is a member of the National Electrical and Communication Association (NECA), recognised nationally as the peak industry body of our field. Our membership ensures our employees have the highest level of training and resources available to fulfil our work to the highest possible standard.
Australian Energy Upgrades holds a Registered Electrical Contracters license (REC:23631). You can be confident your installation is conducted to the highest level of safety and compliance in accordance with all Australian standards and regulations. We don’t just hire qualified people, we are qualified.
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