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VRET
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OVERVIEW The Victorian Energy Efficiency Target (VEET) is a Victorian Government initiative promoted as the Energy Saver Incentive. It was established under the Victorian Energy Efficiency Target Act 2007 (the Act) and commenced on 1 January 2009. It is legislated to continue in three-year phases until 1 January 2030.The purpose of the scheme is to reduce greenhouse gas emissions, encourage the efficient use of electricity and gas, and to encourage investment, employment and technology development in industries that supply goods and services which reduce the use of electricity and gas of consumers.The scheme operates by placing a liability on large energy retailers in Victoria to surrender a specified number of energy efficiency certificates every year. Each certificate represents in tonne of greenhouse gas abated and is known as a Victorian energy efficiency certificate (VEEC). The Act and the Victorian Energy Efficiency Regulations 2008 allow for accredited entities to create VEECs when they help consumers make selected energy efficiency improvements to their homes. Revenue generated through the sale of VEECs enables accredited entities to offer consumers special offers that reduce the cost of undertaking these energy efficiency improvements.Around 30 Prescribed Activities are currently included in the scheme, ranging from the installation of high efficiency hot water systems, air heater/coolers, lighting, draught proofing and window treatments through to the purchase of high efficiency appliances like refrigerators and televisions. A full list of these activities can be found on the VEET website.The Act and Regulations are maintained by the Department of Primary Industries (DPI), and the Essential Services Commission (ESC) is responsible for administering the scheme in accordance with the legislation. The ESC has also produced the Victorian Energy Efficiency Target Guidelines 2010. For further information about the VEET scheme and to obtained copies of the VEET legistlation please visit the VEET website (www.veet.vic.gov.au).
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