COMMODITY TRADING

VEECs

The Victorian Energy Efficiency Certificate (VEEC) is a state-wide Government initiative established to promote and encourage energy saving activities for both home owners and commercial entities.

The scheme encourages these activities by providing tradable certificates (known as VEECs) for every tonne of greenhouse gas abated by the owner. System owners, residential or commercial, who upgrade and decommission inefficient gas and energy systems are entitled to a pre-determined number of VEECs.

There are almost 40 prescribed energy efficient activities that are entitled to VEECs. The prescribed activities are outlined on the VEET website. Once a prescribed activity has occurred and the old system decommissioned, only an accredited person is able to create the VEECs.

This initiative helps to further align us with our Victorian Energy Efficiency Target (VEET) and in doing so, encourages investment, employment and innovative developments throughout the industry.

Energy Retailers are bound to purchase a set number of VEECs each year based on their gas and electricity sales, therefore creating a market for trading VEECs. The scheme is monitored by the Essential Services Commission (ESC) in Victoria and is eligible for energy efficiency activities in Victoria.

Frequently asked questions

Is my system eligible for VEECs, if so how many?

To eligible for VEECs, the energy efficient installation has to be prescribed activity and installation occurred in the state of Victoria. Please go to https://www.veet.vic.gov.au/ for outline of all the prescribed activities entitled to VEECs.

The number of VEECs depend on the prescribed activity, the size of the new system, the type and size of the decommissioned system and location within Victoria. To see how many VEECs you are entitled today, please visit: https://www.veet.vic.gov.au/public/calculator/veeccalculator.aspx

 

Can I claim VEECs if the installation occurred outside of Victoria?

No, VEECs can only be claimed in Victoria.

How long do I have to claim VEECs?

Up to 12 months.

What is ‘Decommissioned’?

Decommissioned is the process where products that get removed from a site, are destroyed, and are no longer able to be used. A Decommissioning receipt will be issued, and used as evidence.

What is the process of claiming VEECs with Emerging Energy?

To claim VEECs you will need to firstly check that you are installing ESC approved products. After the installation is complete, you will need to submit the appropriate assignment form, provide us with a copy of the Certificate of Electrical Compliance (COC) as well as photos of the installation.

When will I receive payment for my VEECs claim?

Settlement will be made 3-5 days after completed and correct paperwork is received.