Since it's beginning in 2009, Victorian Energy Efficiency Target (VEET) scheme is encouraging businesses and individuals to install and utilise energy saving products including solar panels, floor insulation, and LED lights at a subsidised cost. When your household or business opts to replace their inefficient halogen lights with LED alternatives, it ensures that you don’t have to pay the full amount, provided certain criteria are met. Here's a quick explanation of how the VEET scheme works for everyone.
How does it work?
Simply put, the VEET scheme allows accredited commercial businesses to offer savings and discounts to homes and organisations when they are purchasing select and approved items. In other words, the government will help some businesses and homes pay for products that help reduce energy consumption. This way this works is that the accredited party creates a certificate that represents a tonne of greenhouse gas that has been reduced as a result of the purchase and installation of the appliance/product. This certificate is then essentially sold by the provider to energy retailers, which covers some of the cost of the transaction.
How much these rebates are worth depends greatly on the provider that you are working with, so it’s important to shop around. Also keep in mind that the VEET scheme only applies to selected products, those that have been picked out and identified as being particularly beneficial in terms of energy efficiency. In some cases, your service provider may deem you eligible for the VEEC rebate by simply purchasing one of these items, but usually, it will require that it replace an older product that that is less efficient.
Which products are included?
There are now 17 different approved products, accessories and appliances that can earn you a rebate, a proportion of which are specifically for commercial businesses. Those tailored towards the business sector and non-residents include:
- Motors
- Refrigerated fans
- Lighting upgrades
- Efficient low flow trigger nozzles
- Water efficient pre-rinse spray nozzles
- Refrigerated display cabinets
What are the benefits for the consumer?
There are a host of benefits for those buying and installing these products, some of which are very obvious. They include the following:
- Perhaps the clearest benefit is the money-saving aspect of the VEET scheme. Not only do you receive a discounted product, but you can be sure that this product is going to save you money on energy in the long run, given the fact that it has been approved as such by the government.
- There is basically zero paperwork or legwork that you need to do to receive the discount. Rather, it’s your provider’s responsibility to create, register and sell the certificate or VEEC on to cover the discounted amount.
- Taxpayers aren’t funding the VEET upgrades, meaning the rebate isn’t coming out of the tax that you are paying. It’s funded entirely by energy providing.
- The potential reduced greenhouse gas emissions and lower impact on the environment is one of the biggest considerations and positives that comes from the VEET scheme. The data shows that the initiative has had a positive effect already.
For more information about the VEET scheme and to discuss ways you can improve your home energy efficiency with LED products, speak to the team of industry-leading LED suppliers in Australia. You may also have a quick look at ESC's official FAQ page.