VEECs

VEECs - Rheem

Victorian Energy Efficiency Certificates (VEECs)



  • Victorian Energy Efficiency Certificates are a product of VEET legislation
  • 1 VEEC is equivalent to 1 tonne of CO2 abated by a prescribed activity
  • Applies to installations of 5 star gas, solar and heat pumps replacing less efficient water heaters (program also includes Space Heater, Windows and Refrigerators/Freezers)
  • Electric to 5 star gas instantaneous and storage
  • Electric to Electric boosted solar and heat pump
  • Electric to Gas boosted solar
  • Gas to gas boosted solar

  • Rheem Australia Pty Ltd is accredited to create and trade VEECs
  • Rheem currently values a VEEC at $11.00 ex GST (Current as at 24th August 2016. Subject to change).
  • Maximum VEECs are awarded to gas boost solar replacing electric, followed by electric boost solar and heat pump replacing electric

Payment

  • The program is managed by the Essential Service Commission (ESC), a Department within the Victorian Government. The scheme is funded by large energy retailers
  • Payment can be made in several ways, but will typically be provided as a point of sale discount by the installer to secure the households eligibility rights to create VEECs