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How the VEU program works
Victorian Energy Upgrades is a government energy efficiency program. Households and businesses can receive rebates or discounts on energy-saving products. This helps cut power bills and reduce greenhouse gas emissions.
Every upgrade allows businesses under the Accredited Providers program to generate Victorian Energy Efficiency Certificates (VEECs). Each certificate represents one tonne of greenhouse gas prevented from entering our atmosphere. Accredited providers then sell these certificates to energy retailers.
Energy retailers use the certificates to meet annual emissions targets set by the Victorian Government.
The incentive or discount for households and businesses varies depending on the market activity and certificate price.
Your rights under the VEU program
The VEU program code of conduct sets out minimum standards of behaviour aimed at protecting consumers. The code applies to everyone involved in delivering or marketing upgrades.
How the program benefits all Victorians
Victorian Energy Upgrades reduce emissions and lower energy prices for all Victorians.
Energy savings from the program are expected to reduce Victorian electricity consumption by 7% in 2025 and avoid $3.8 billion in energy system costs.
Reduces energy bills
Energy-efficient products installed under the Victorian Energy Upgrades program reduce energy demand and the need to build new energy infrastructure. This, in turn, lowers energy prices for everyone more than the program's cost.
While those that undertake upgrades through the program will save more, even those who do not participate will save on their bills. Average households are estimated to save $150 over the next 10 years.
Reduces greenhouse gas emissions
Under new emission reduction targets, the program will lock in 28 million tonnes of greenhouse gas emissions savings for Victoria between 2022 and 2025. That’s equivalent to taking more than 8.5 million cars off the road for a year.
The program is expanding to include new and revised activities and incentives for households to carry out upgrades that save energy and lower bills.
New incentives will support Victorian households to:
- replace gas appliances with efficient electric alternatives
- install smart appliances
- receive home energy rating systems.
Download the factsheet
Page last updated: 14/02/23