The Victorian government energy efficiency program helps businesses and households cut power bills and reduce greenhouse gas emissions.

Victorian Energy Upgrades Program(VEU) by the government of Victoria can save your money on upgrading lighting costs, reduce your energy costs and contribute to the environment. By adding electricity-saving free LED light bulbs, you save up to 80 percent on your lighting costs. That's up to 16 dollars annually per globe.

A national energy-saving target is set by the program which results in a variety of energy-efficient products and services for households and businesses being provided at discount.

In the last few years(specifically in the last decade), lighting technology has evolved rapidly. Not only are LEDs are now more effective than older technologies such as incandescents, halogens, and CFLs, they are amazingly energy-efficient, environment-friendly and economically viable. 

Usually, they have the longest lifespan, which means that you will not have to replace them frequently. The lighting efficiency program(VEU) relies on factors like high lumen per watt and long lifespan of the light-emitting diodes. The scheme is formulated to encourage Victorian to make a switch from energy guzzlers halogen & incandescent lamps to energy-saving LED lights. 

VEU Scheme (Formerly VEET)

The Victorian Energy Efficiency Target (VEET) was commenced in 2009, in order to:

• make energy efficiency improvements more affordable
• contribute to the reduction of greenhouse gases
• encourage investment, employment, and innovation in industries that supply energy efficiency goods and services.

On 10 December 2018, the Victorian Energy Efficiency Target (VEET) scheme was officially rechristened as the Victorian Energy Upgrades (VEU) program.

How VEU Scheme Works?

The Victorian Energy Upgrades (VEU) scheme, which provides access to subsidized, energy-efficient products and services, allows Victorians to reduce their energy and gas emissions.

The program also encourages investment, employment, and innovation in the industries which supply these products and services.

In order to achieve the annual objective set in the Victorian legislation, large energy retailers are required to acquire and submit Victorian Energy Efficiency Certificates (VEECs).

VEECs can be generated by the Accredited Providers(APs) who conduct upgrading operations through the energy-efficient appliance installation in residential or non-residential buildings.

The greenhouse gas savings associated with an energy-efficient product being installed and/or the inefficient product being decommissioned determine the number of VEECs that can be created. The level of incentive or discount received by households and businesses varies depending on the market activity and the price of the certificate