The Victorian Energy Upgrades (VEU) programme is a Victorian government initiative that subsidises the installation of energy efficient appliances through the creation of Victorian Energy Efficiency Certificates. Accredited providers operating across the state can deliver Victorian energy upgrade programme activities to Victorian families and businesses. Since 2009, nearly 1.8 million families and 100,000 businesses have benefited from the programme, which has helped them increase the efficiencies of their appliances and equipment.
Victorian Energy Efficiency Certificates can only be created by accredited providers for eligible activities. These certificates are then sold to energy retailers. Annual carbon targets are set by the Victorian government, and energy retailers are required to purchase certificates to meet them.
What Are The Benefits Of The VEU Programme In Terms Of Reducing Greenhouse Gas Emissions?
VEU assists businesses in installing energy-efficient equipment or switching to low-emission products. Victoria’s greenhouse gas emissions have decreased by almost 60 million tonnes since the programme began in 2009.
VEU has set increased emission reduction targets for the programme, which would save Victoria 28 million tonnes of greenhouse gas emissions between 2022 and 2025.
The option to create certificates for energy efficiency projects in an industrial setting assists in offsetting Capital Expenditure which is at times a limiting factor to undertaking these activities.
Who Is Eligible For the VEU’s Program?
Most business are eligible to join the programme and receive incentives for installing energy-efficient products. Around 100 of Victoria’s greatest energy consumers are exempt from the VEU programme and must opt-in to receive incentives. O’Brien Energy Services is able to access this register to determine eligibility.
How Much Money Can A Company Save On Energy Bills By Joining VEU?
Participating in the VEU has the potential to save industrial business tens of thousands of dollars per year in energy costs as well as the upfront benefit to reducing Capital Expenditure. New emission reduction targets for the programme for 2022-25 are expected to boost these benefits.
What Are The New Targets In The VEU program?
The Victorian Government’s yearly emissions reduction targets for the VEU programme for the years 2022-2025 are the most aggressive ever set for the programme, ensuring that it remains Australia’s largest energy efficiency programme.
The new 2022-2025 targets will rise each year, with energy efficiency upgrades under the programme resulting in 6.7 million tonnes of emissions reductions in 2022 and 7.3 million tonnes of emissions reductions in 2025. These savings equate to the removal of 8.5 million cars from the road.
The aims will cut Victoria’s energy consumption by 7% by 2025 and result in greater energy bill reductions.
How Does The VEU Program Work?
The VEU program’s main goal is to provide a financial incentive for businesses and households to reduce carbon emissions by reducing electricity and gas usage and encouraging the adoption of energy-efficient equipment.
O’Brien Energy Services is an Accredited Provider of Victorian energy upgrades (#2008), allowing us to provide direct access to the program’s benefits to our clients. We engineer, supply, and install equipment that saves energy and minimises greenhouse gas emissions, resulting in the creation of Victorian Energy Efficiency Certificates (VEECs).
Conclusion
Our team will assist in obtaining subsidies through the program for commercial and industrial customers who wish to minimise their energy use by improving their equipment, processes, or structures.
If you want to learn more about Victorian energy upgrades for gas efficiency, contact the experts at O’Brien Energy Services at 1300-771-759.