From 1 February 2023, your water heating, ducted heating and air-conditioning jobs will generate fewer VEECs
Don’t put off to tomorrow what you can do today!
Why is this happening?
Victorians have proved they love solar and energy-efficient technology in their homes and businesses. As a result, the Victorian Energy Upgrades program is reducing a key calculation factor - the emissions factor - from 0.9546 to 0.8142 to reflect our cleaner, greener energy system.
Can I act on it?
You can still enjoy higher VEEC calculations for water heater, space heating and air-conditioning upgrades, though. The VEEC reductions apply to the installation date of the new unit, not the day you submit your paperwork to us for processing.
What does it mean for me?
Here’s an example for a water heater:
A 250L Heatpump installed in Metro Melbourne in Jan 2023 attracts 23 VEECs, while the same system installed on or after 1 February 2023 creates 19 VEECs.
To check how the emissions factor reduction will affect your preferred products and upcoming jobs, log in to Geo and start a new assignment form with an installation date of 1 February 2023.
Market shifts and price expectations
The value of the VEECs, of course, is subject to change. Just like stocks in a market. With no crystal ball, we can’t say which way the prices will go. But we know that fewer VEECs will be created for activities, and VEEC targets will increase. Prices will respond to these new market conditions.
With Christmas right around the corner, it could be an excellent opportunity to run limited-time offers so your customers can take advantage of the lower prices until the changes take place.
If you have further questions, please don’t hesitate to call us.
1300 077 784