The Victorian Energy Efficiency Target (VEET) scheme is a Victorian Government initiative promoted as the Energy Saver Incentive. It was established under the Victorian Energy Efficiency Target Act 2007 (the Act) and commenced on 1 January 2009. It is legislated to continue in three-year phases until 1 January 2030.
The purpose of the scheme is to reduce greenhouse gas emissions, encourage the efficient use of electricity and gas, and to encourage investment, employment and technology development in industries that supply goods and services which reduce the use of electricity and gas by consumers.
The scheme operates by placing a liability on large energy retailers in Victoria to surrender a specified number of energy efficiency certificates every year. Each certificate represents a tonne of greenhouse gas abated and is known as a Victorian energy efficiency certificate (VEEC). The Act and the Victorian Energy Efficiency Regulations 2008 (the Regulations) allow for accredited entities to create VEECs when they help energy consumers make selected energy efficiency improvements to their homes, or the premises of their organisation or business. Revenue generated through the sale of VEECs enables accredited entities to offer consumers special offers that reduce the cost of undertaking these energy efficiency improvements.
The Act and Regulations are maintained by the Department of Economic Development Jobs, Transport and Resources (DEDJTR), and the Essential Services Commission (ESC) is responsible for administering the scheme in accordance with the legislation. The ESC has also produced the Victorian Energy Efficiency Target Guidelines. Copies of these documents can be obtained from the Legislation page on this website.