Victorian Energy Efficiency Target in Australia
The Victorian Energy Efficiency Target (VEET) is a Victorian Government scheme designed to provide energy efficiency improvements leading to a reduction in greenhouse gases. Promoted as the Energy Saver Initiative, the scheme allows for Prescribed Activities in either residential or business locations that make energy efficiency improvements.
Such activities include the replacement of less efficient lighting, shower heads and solar hot water units as well as the installation of weather sealing to name but a few.
Accredited Persons who undertake these Prescribed Activities are rewarded with a Victorian Energy Efficiency Certificate (VEEC), which represents one tonne of carbon dioxide equivalent abated. Energy Retailers must purchase and surrender a set number of VEECs annually to meet their legislated obligation.