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Industry market update and work program
Find out about recent Victorian Energy Upgrades Program changes and what's coming up.
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The Victorian Energy Upgrade (VEU) Program is the state’s largest energy efficiency program and a key measure in Victoria’s Climate Change Strategy.
Encouraging investment and employment in the energy efficiency sector is an objective of the program – certainty in the program is a key to achieving this.
Please find the following information included within this statement:
monthly publication of information in relation to the Victorian Energy Efficiency Certificate (VEEC) market.
quarterly publication of information on the pipeline of new and revised activities for the VEU program.
Market update - April 2025
This market information will be updated on a monthly basis, covering data from the preceding month. This update covers data up until March 2025.
Participation numbers
Graph showing market participation between October 2021 - March 2025.
Graph showing number of registered VEECs between January 2021 and March 2025.
New and revised activities – as at April 2025
This information will be updated on a quarterly basis. Last update April 2025.
The Department of Energy, Environment and Climate Action is working on a range of new and revised activities for the VEU program, which will increase the supply of certificates. Information on the new and revised activity work program is provided below.
Please note: the department will be delaying the reintroduction of incentives for plug-in refrigerated cabinet activities until further notice. Timelines will be confirmed at a later date.
These timeframes are indicative only and are subject to change. Stakeholders are advised not to make any commercial decisions based on future timeframes.
Completed
Energy Management Information Systems – release of consultation.
Under development
Project Based Activities – activity changes commence.
Energy Management Information Systems – response to consultation.
VEET Act Amendments – Energy Upgrades for the Future Bill.
2026 – 2030 Target Setting –response to consultation.
Strategic review – summary of consultation
Electric Motors – update to activity.
Business Electrification – phase 1
VEU Program Fees – setting updated VEU program fees.
Home efficiency upgrades – release of consultation.
Induction cooktops – pilot activity evaluation.
Consumer protections – review of telemarketing and doorknocking ban.
Space heating/cooling and water heating review– release of consultation.
Energy Management Information Systems – activity commences
Consumer protections – delivering price transparency for consumers.
Home efficiency upgrades – response to consultation.
Space heating/cooling and water heating review– response to consultation.
Insulation – new activity commences
High efficiency pool pumps – revised activity commences
The department regularly reviews the range of energy efficiency upgrades available to receive incentives, ensuring they continue to reduce emissions and save consumers money.
A typical process for introducing or amending a VEU activity is outlined below. Please note that this is a guide only and the time involved and steps may vary considerably depending on the scale of the work.
Please note: an activity is not an eligible activity under the Victorian Energy Upgrades program until final regulations and specifications are in effect, and these have been communicated publicly.
Stakeholders are strongly advised not to make any decisions related to new or revised activities under the VEU program until final Regulations and Specifications have been approved and published.
The department does not make any representation that any proposed changes set out will (i) take effect, (ii) will take effect on or by a particular date, or (iii) will take effect in the form proposed.
Regulations and Specifications approval process flowchart
Stage 1
Activity development and research
Stage 2
Preparation of draft Regulations and Specifications
Stage 3
Public consultation
Stage 4
Response to consultation, finalise draft Regulations and Specifications
Stage 5
Legal review
Stage 6
Minister, Secretary and Executive Council approval
