VEET target remains - prices rise

Released: 22-Oct-2014

Oct 23, 2014

Good news for commercial lighting upgrade customers in Victoria. 

Legislation planning to dramatically reduce next year’s Victorian Energy Efficiency Target (VEET) and to abandon the scheme from 1 January 2016 failed to pass the Victorian parliament this week.  Consequently, Victoria’s current target of 5.4 million tonnes of emissions reduction will stand for 2015. 

The Napthine Government has said it will reintroduce the legislation if elected, whereas the Victorian Labor Party has committed to retain the scheme. It is likely that the scheme support will become an election issue for next March.

This development has triggered an immediate market response with a $2 increase in the wholesale price of Victorian Energy Efficiency Certificates (VEECs).

Steve Cahill welcomed the news. "After months of speculation, we welcome the policy certainty which will boost market confidence and stimulate more activity in the energy efficiency sector".

Steve also cautions lighting upgrade customers on the reliance on government rebates for project approvals.

"As we've seen a dramatic fluctuation in certificate prices in both NSW and Victoria, at enLighten we focus on delivering a project payback of under 3 years net of rebates."

"This takes the risk out of the project approval decision." said Steve. 

Vic Energy Saving Incentive VEET Scheme Chamaeleon Fact Sheet Vic Energy Saving Incentive VEET Scheme Chamaeleon Fact Sheet(120 KB)