Victorian energy efficiency certificates

VEEC targets

Each VEEC represents one tonne of greenhouse gas saved. Annual targets have been set for the program up to 2025.

Calculating VEECs

The number of VEECs that a given activity is able to create depends on the amount of greenhouse gas emissions reduction the activity will cause as provided for in the Victorian Energy Upgrades Specifications 2018 (for 'deemed activities') and the Victorian Energy Efficiency Target (Project-Based Activities) Regulations 2017 (for activities undertaken using project-based activity methods).  

 You can use the VEEC calculator to help determine how many VEECs may be created for most 'deemed activities' under the program. Please note: Products available for selection on the VEEC calculator only reflects products approved for installation or purchase under the VEU program up to 23 May 2025. 

Who can create VEECs?

VEECs can only be created by entities accredited by us under the VEU program (known as accredited persons). For more information about the opportunities and obligations involved in getting accredited, visit the how to become a VEU accredited person page.  

To hold, transfer or surrender VEECs you must obtain a VEET scheme registry account. Further details can be found on the VEET scheme registry accounts website page.

VEEC lifecycle 

Creation

After the successful completion of an eligible activity, accredited persons are able to create VEECs online through their VEU account.

VEECs must be created no later than six months after the end of the year in which an activity was completed. For example, if an activity was completed in 2024, VEECs must be created for that activity by 30 June 2025.

A certificate creation fee of $2.33 applies to each VEEC created by accredited persons. We issue invoices on Tuesdays and Thursdays each week for VEECs created. If you identify an issue with activities you have submitted for creation, you need to withdraw the VEECs before 6am on Tuesday and Thursday (whichever occurs first following VEEC creation) to avoid being charged a creation fee for the VEECs you have created. 

Registration

After VEECs are created and the creation fee is paid, we assess whether the VEECs comply with program requirements for registration.

We use a range of risk-based assessment tools in making our decision on whether VEECs have been created in accordance with the rules of the program. 

Once VEEC creation claims have been validated, we will register them, and they are now valid for transfer and/or surrender. See how we register VEECs page for more information on our assessment and registration process.

Transfer

A VEEC owner is able to transfer VEECs to a buyer in the VEEC market. The ‘buyer’ may be an energy retailer, another accredited person, VEEC traders or any other individual or organisation that holds a VEET scheme registry account.

We do not provide a trading floor for the VEEC market but merely facilitate, and record, transfer of ownership of VEECs.      

Surrender

Before 30 April each year (or a later date approved by the commission or Minister), energy retailers with a liability under the program must surrender VEECs equal to their liability for the previous calendar year (an obligatory surrender).

We may also require accredited persons to surrender VEECs for improperly creating VEECs using our enforcement powers (a mandatory surrender).

VEECs may also be surrendered by their owner for any reason (a voluntary surrender). Often these surrenders are an outcome of an agreed administrative solution between ourselves and the accredited person when VEEC creation issues are identified.

Expiry

VEECs expire six years from the date on which the activity was undertaken, or upon surrender to us.