VEECS
Victorian Energy Efficiency Certificates
- 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 $50.00 ex GST (Current as at 28th July 2021. Subject to change).
- Maximum VEECs are awarded to gas boost solar replacing electric, followed by electric boost solar and heat pump replacing electric
$50.00 as at 28 July 2021
Exclusive of GST and subject to change
- 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.
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