Rewards for going green: What is VEET?
15th October 2012
Energy saving government initiatives can be confusing, but they're worth wrapping your head around. The amount of money being offered in rebates by Australian state governments is pretty sizeable, giving you another reason to make sure your home or workplace is as energy efficient as possible.
VEET stands for Victorian Energy Efficiency Target. It's a Victorian government initiative that encourages the reduction of greenhouse gases by rewarding people for making energy-efficient upgrades around the home or at work.
How it works
Energy retailers are legally mandated to surrender a number of Victorian Energy Efficiency Certificates (VEECs) each year. Each certificate equals a tonne of greenhouse gas that has been saved from being emitted into the atmosphere. VEECs can be created and purchased on the free market by energy retailers.
Under the act, accredited companies can also issue certificates to homeowners and businesses that make selected energy-efficient improvements to their properties. There are around 35 so-called Prescribed Activities that range from installing energy-efficient lighting to improving your hot water systems.
When an accredited company creates a VEEC due to your activities, they are able to sell it, and pass on a rebate to you for your efforts. You can calculate how many VEECs you will receive from making specific improvements here.
We're excited that the energy efficiency of our DR700 halogen replacement bulbs has been recognised by the Victorian government, who just approved them for VEET. This means that you can get money back for installing them. We suggest you get in touch with Ecovantage, our recommended accredited VEET company, to see how you can be rewarded for going green.