- What is a VEEC?
- Who is participating in the VEEC scheme?
- How many VEECs can I get?
- What is a VEEC worth?
- Does it matter where the activity occurs?
- Do I need to be registered with the ESC to create VEECs?
- Which products are eligible?
- What does Green Energy Trading do with my VEECs?
- How does Green Energy Trading make their money?
- When will I get paid?
- How long do I have to claim VEECs?
- Which buildings are included?
- What are my obligations?
- My customers want more details, what should I do?
- What is required as evidence of decommissioning?
- When can a VEEC be created?
- What are the targets for the VEET scheme?
- Can I get RECs and VEECs for my solar hot water system?
- Where can I get more information?
Victorian Energy Efficiency Certificates (VEECs) are designed to support households and, more recently, the non-residential sector (commercial and industrial) reduce greenhouse gas emissions. Each VEEC represents one tonne of carbon dioxide equivalent (CO2-e) abated by a prescribed activity.
The Essential Services Commission (ESC) administers the scheme. Green Energy Trading is an ‘accredited person’ which means we create VEECs on behalf of retailers, installers and consumers.
Green Energy Trading then sells VEECs to liable parties who are required to surrender them to the government as a demonstration of their support for energy efficiency measures. If they do not surrender enough certificates they must pay prescribed penalty per VEEC.
The ESC has created calculators for all activities click here. For hot water systems the calculation of a VEEC is the abatement factor x regional factor. The abatement factor is determined by the product and the regional factor is determined by the postcode.
VEECs are a commodity traded on the open market so the VEEC price is subject to change. Our current buyback price can be found on our Pricing page.
The activity must occur in Victoria. Victoria has been divided into 4 regions: metropolitan, regional cold, regional mild and regional hot and this affects the number of VEECs you can receive. You can find a list of postcodes and regions here.
No. Green Energy Trading has registered with the ESC to create VEECs on your behalf so there is no need for you to register.
The ESC has created a register of eligible products for water heaters, space heaters, thermally efficient windows, refrigerators and freezers, please click here to view the register.
For all other categories the accredited person (i.e. Green Energy Trading) must submit a request for product approval. Speak to Green Energy Trading if you would like products in these categories to be registered.
Your VEECs are collected into parcels of 5,000 - 10,000 and sold on the open market to liable parties. Liable parties include large Victorian electricity and gas retailers who must purchase and surrender certificates in proportion to their acquisitions of gas and electricity or pay a penalty.
Green Energy Trading’s VEEC buyback price is based on what we believe we can sell the VEECs for, less a margin to cover our costs and the cost of registering the VEECs. The ESC charges a $1 fee per VEEC which is factored into the price Green Energy Trading offers.
Please refer to our payment terms and conditions for VEEC turnaroud times.
VEECs can only be claimed within 6 months of the end of the calendar year in which the system was installed.
VEECs can be claimed on residential and non-residential buildings. The residential building does not have to be the primary place of residence and it can be a rental property.
Installations of VEEC Activities 1,2,3,4,5,10 in commercial and industrial buildings are eligible since 7 December 2011. Since 14 February 2012 VEEC activities 6,7,8,9 are also eligible for the non-residential sector.
As a client of Green Energy Trading you are required to ensure that your installers comply with the requirements of the VEEC scheme as outlined by the ESC. Installers undertaking prescribed activities must be accredited, meet industry standards/council regulations and provide a certificate of compliance for the work.
Green Energy Trading will soon provide a VEEC info sheet for you to give to your customers which will give an overview of the system and explain their rights and obligations. In the meantime we are happy to take your customer’s phone call about VEECs or they can find more information on the VEET website.
For some activities the ESC needs to ensure that the inefficient product that is being replaced will not be used elsewhere. This requires evidence that the system has been decommissioned and removed from the premises wherever practical. For the water heater activities 1A, 1B, 1C, 1D and 3 the following documents satisfy this requirement:
- A receipt from your tip or recycler – Green Energy Trading has provided a receipt you can have completed for this purpose
- A photo of the old system which clearly shows it cannot be used anymore, e.g. it has a large hole in it and has the make, model and serial number written on the back or clearly in the photo or as an attachment
- A certificate of compliance which states that the system has been decommissioned and removed from the premises and how this has been undertaken. If the system has not been removed, the reason why will need to be stated
Green Energy Trading is required to keep this information with your records.
VEECs can be created for activities that are accredited under the VEET scheme from the date that they became an eligible activity and after the relevant activity has been undertaken.
The VEET scheme commenced on 1 January 2009 and focussed solely on the residential sector.
More recently the non-residential sector has been included in the VEET. VEECs can be created for Activities 1,2,3,4,5,10 for installations on or after 7 December 2011. VEEC activities 6,7,8,9 are eligible for certificate creation in the non-residential sector for installation on or after 14 February 2012.
Additionally, creation of certificates is possible up to 6 months after the end of the calendar year in which the system was installed.
The target for the VEET scheme is set for three year periods. For the first three years (2009 – 2011) the target was a total reduction of 8.1 million tonnes of carbon dioxide equivalent. This is approximately equivalent to making 675,000 households carbon neutral for a year.
The target for the second period (2012-2014) is set at 5.4 million tonnes of carbon dioxide equivalent per annum. This is approximately equivalent to making an additional 450,000 households carbon neutral for a year.
In some cases you are only entitled VEECs, for others you can get both VEECs and STCs as shown in the following table.
Visit the VEET (ESC) website www.veet.vic.gov.au or contact us at Green Energy Trading on 1300 077 784 or 03 9805 0700.