Victorian energy efficiency certificates (VEECs)

The Victorian Energy Efficiency Target (VEET) scheme is a Victorian Government initiative promoted as Energy Saver Incentive.


Victorian energy efficiency certificates (VEECs) are electronic certificates created in accordance with the Victorian Energy Efficiency Target Act 2007 (VEET Act). Each VEEC represents one tonne of carbon dioxide equivalent (CO2-e) abated by a prescribed activity. 

VEECs are created by accredited persons, validated and registered by the Commission, transferred between parties and eventually surrendered to the Commission to demonstrate liability compliance against the VEET Act.  VEECs must be registered by the Commission before they are considered valid. The Commission maintains a register of VEECs which is published on this website. A certificate is only valid as a VEEC if listed in this register. 

VEECs can only be created in respect of prescribed activities undertaken on or after 1 January 2009 and before 1 January 2030, and must be created by no later than six months after the end of the year in which the prescribed activity has been undertaken. For example, where a prescribed activity is undertaken in February 2009, VEECs can be created in respect of that activity up to 30 June 2010.  A VEEC will expire 6 years from the date on which the prescribed activity was undertaken, or upon surrender to the Commission.


Who is able to create eligible VEECs?

Section 16 of the VEET Act provides that an accredited person who is either:
  • the consumer of electricity or gas in respect of whom the prescribed activity is undertaken, or
  • a person who is the holder of an assignment of the right to create a VEEC made by the consumer

may create VEECs in respect of a prescribed activity by the consumer.  For further clarification of the definition of ‘consumer of electricity of gas’, please refer to section 16 of the VEET Act.

Any person or organisation can apply to be an accredited person under the VEET scheme. However, accredited persons are subject to obligations under the VEET legislation. Please see Accredited persons for more information.


How many VEECs can be created?

The Victorian Energy Efficiency Target Regulations 2008 (Regulations) provides the methodology and values for calculating the greenhouse gas abatement, and therefore the number of VEECs eligible to be created, in respect of each prescribed activity.

To determine the number of VEECs attributed to each activity, please refer to the VEEC calculator page.


How are VEECs created and registered?

To create VEECs, you must be a VEET account holder and an accredited person with the Commission.  VEECs are created by completing and submitting to the Commission a VEEC creation request form.  

The Commission will conduct manual checks, or desk audits, of the VEEC creation information. If the Commission is satisfied that the VEECs have been created correctly, the VEECs will be validated. If the Commission discovers fraudulent VEEC creation behaviour, the Commission can seek to prosecute or apply penalties to the registered person. Accredited persons should note that the Commission may conduct on-site audits to establish whether VEECs have been created in accordance with the VEET Act.

If the Commission is satisfied that the VEECs have been created correctly and validates the certificates, you will need to register your VEECs, which will attract a registration fee of $1 per VEEC. VEECs will be registered when the payment is received. Once registered, VEECs can be transferred or surrendered to the Commission.


Transferring VEECs

VEECs can be transferred between parties holding VEET accounts after the VEECs are registered. To effect a transfer of VEECs, the transferor (e.g. the seller) must complete and submit a VEEC transfer request form to the Commission.

The Commission will verify the details on the form and will accept the transfer if the details provided are accurate. Once the transfer is accepted, the transferee (e.g. the buyer) will be the registered owner of the VEECs. The register of VEECs will be updated to show the transferee as the new owner of the certificates.

Any consideration for the transfer of VEEC ownership is the responsibility of the involved parties. The Commission does not monitor or regulate this activity.


Surrendering VEECs - Relevant entities

Relevant entities are required to surrender registered VEECs equal to their VEET scheme liability for the previous calendar year. The Commission accepts VEECs for surrender from relevant entities between 1 January and 30 April each year to meet the previous year’s liability. 

To surrender VEECs, relevant entities must complete and submit a VEEC surrender request form to the Commission.  There is no fee payable for the surrender of VEECs. VEECs surrendered to the Commission are marked as invalid due to surrender and will no longer be available for reuse in the VEET scheme.


Surrendering VEECs - Voluntary

All registered owners of VEECs may voluntarily surrender their VEECs to the Commission. VEECs accepted for voluntary surrender are marked 'invalid due to voluntary surrender' and are permanently removed from use in the VEET scheme. This may stimulate the reduction of greenhouse gases above and beyond the VEET scheme target.

The Commission will accept VEECs for voluntary surrender throughout the calendar year. 

To surrender VEECs, the registered owner must complete and submit a VEEC surrender request form to the Commission. The registered owner must state in the form the reasons as to why they are surrendering the certificates.