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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:

  • 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 – covering July 2024

This market information will be updated every month. Last update 19 July 2024.

A graph showing the number of market participants in the VEU program

Participation numbers

Participation numbers as of 1 June 2024 (only available for full months):

  • 73 buyers (an increase of 21% from 6 months ago)
  • 108 sellers (an increase of 10% from 6 months ago)
  • 98 active accredited providers (an increase of 27% from 6 months ago).

VEEC supply and spot price

A graph showing VEEC price and surplus to July 2024

Graph showing historic VEEC price between 2019 and 2024, mapped against the excess supply of VEECs against VEU targets for each year.

  • This graph previously showed figures going back to 2009, but from has been updated to reflect a more current time period of 2019–2024
  • if the line showing excess VEEC supply were at zero, the program would be perfectly on schedule to meet the targets. As the graph shows, the VEU program is well ahead of its targets
  • a small percentage of VEECs over the years do not go towards targets, due to voluntary surrenders, withdrawals, etc. This has been adjusted for at the 2018–2022 surrender dates.

VEEC registration by activity type

A graph showing VEEC creation by activity to July 2024

Graph showing number of registered VEECs between January 2021 and June 2024.

  • Overall VEEC registrations dipped in December due to seasonal pauses, but increased to previous levels in January
  • space heating activity VEEC creation has increased in recent months, while lighting activities have decreased
  • there has been a steady increase in VEEC creation from February 2024.

New and revised activities – as at July 2024

This information will be updated on a quarterly basis. Last update 19 July 2024.

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.

Please note: that these timeframes are indicative only and are subject to change. Stakeholders are advised not to make any commercial decisions based on future timeframes.


Refrigerated cabinets – response to consultation is released.

Telemarketing – Regulatory Impact Statement and response to consultation released.

Project Based Activities – public consultation commenced.

Water heating (residential and commercial, industrial) and Space Heating/Cooling review – public consultation commenced.

Induction cooktops – public consultation commenced.

To do

Space heating and cooling – expansion of reverse cycle air conditioner product eligibility and review of incentives for businesses.

Cold rooms – activity updates.

Induction Cooktops – new activity commences.

Co-payments and warranty requirements – commences.

Large Energy User Exemption Framework – release of consultation.

Household appliances – updates to activities.

2026 – 2030 Target Setting – release of consultation in the second half of 2024.

Strategic review – review of the VEU program commences.

Project Based activities – updates to activities.

Energy Management Information Systems – release of consultation.

Refrigerated cabinets - revised activity commences.

On 21 June 2024 DEECA confirmed to stakeholders that due to concerns about participant behaviour regarding this activity in NSW, DEECA would not reintroduce incentives for plug-in RC installations while concerns remained about whether the activity was fit-for-purpose.

To do

Water Heating and Space Heating/Cooling quality review – release of public consultation.

Where we are going

A timeline of VEU projects for 2024 and 2025, as outlined above

View a larger version of this image.

Adding and revising activities

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

  1. Stage 1

    Activity development and research

  2. Stage 2

    Preparation of draft Regulations and Specifications

  3. Stage 3

    Public consultation

  4. Stage 4

    Response to consultation, finalise draft Regulations and Specifications

  5. Stage 5

    Legal review

  6. Stage 6

    Minister, Secretary and Executive Council approval

  7. Stage 7

    Final Regulations and Specifications made

Page last updated: 19/07/24