Learn about Victorian energy efficiency certificates (VEECs) which are created by accredited persons who undertake specified energy efficient activities in the Victorian Energy Upgrades (VEU) program.
Victorian energy efficiency certificates
VEECs are electronic certificates created under the Victorian Energy Upgrades (VEU) program when certain energy efficiency activities are undertaken in residential or non-residential premises. Each certificate represents one tonne of greenhouse gas emissions reduction (CO2-e).
Once created VEECs are purchased by energy retailers who have a liability under the program to surrender a certain number of VEECs each year.
Our Register of VEECs provides information on all certificates created under the program.
VEEC targets
Each VEEC represents one tonne of greenhouse gas saved. Annual targets have been set for the program up to 2025.
| Year | Number of certificates |
|---|---|
| 2009 - 2011 | 2.7 million per annum |
| 2012 - 2016 | 5.4 million per annum |
| 2017 | 5.9 million |
| 2018 | 6.1 million |
| 2019 | 6.3 million |
| 2020 | 6.5 million |
| 2021 | 6.5 million |
| 2022 | 6.7 million |
| 2023 | 6.9 million |
| 2024 | 7.1 million |
| 2025 | 7.3 million |
Calculating VEECs
The number of VEECs that a given activity is able to create depends on the amount of greenhouse gas emissions reduction the activity will cause as provided for in the Victorian Energy Upgrades Specifications 2018 (for 'deemed activities') and the Victorian Energy Efficiency Target (Project-Based Activities) Regulations 2017 (for activities undertaken using project-based activity methods).
You can use the VEEC calculator to help determine how many VEECs may be created for most 'deemed activities' under the program.
Who can create VEECs?
VEECs can only be created by entities accredited by us under the VEU program (known as accredited persons). For more information about the opportunities and obligations involved in getting accredited, visit the how to become a VEU accredited person page.
New requirements for holding, transferring or surrendering VEECs from 1 November 2023
From 1 November 2023, if you hold, transfer or surrender VEECs you must obtain a VEET scheme registry account. Further details can be found on the VEET scheme registry accounts website page.
VEEC lifecycle
Creation
After the successful completion of an eligible activity, accredited persons are able to create VEECs online through their VEU administrative account.
VEECs must be created no later than six months after the end of the year in which an activity was completed. For example, if an activity was completed in 2023, VEECs must be created for that activity by 30 June 2024.
From 1 November 2023, a new fee of $2.33 per certificate created applies. The fee applies to the creation of each certificate, regardless of whether it is successfully registered.
Fee waiver for withdrawal of external duplicates
The commission will waive VEEC creation fees when an accredited person withdraws an external duplicate through their VEU administrative account before the 6am invoicing deadline on Tuesdays and Thursdays. An ‘external duplicate’ is where another accredited person has created certificates for the same activity at the same address. Activities that have had the fee waived will be identified to allow for easy reconciliation.
More information about the revised invoicing process for VEEC creation from 1 November 2023
For more information, view the recording and presentation slides from the webinar held on 18 October 2023 to demonstrate how this process will work in practice.
Registration
After VEECs are created and the creation fee is paid, we assess whether the VEECs comply with program requirements for registration.
We use a range of risk-based assessment tools in making our decision on whether VEECs have been created in accordance with the rules of the program.
Once VEEC creation claims have been validated, we will register them, and they are now valid for transfer and/or surrender. See how we register VEECs page for more information on our assessment and registration process.
Transfer
A VEEC owner is able to transfer VEECs to a buyer in the VEEC market. The ‘buyer’ may be an energy retailer, another accredited person, VEEC traders or any other individual or organisation that holds a VEEC scheme registry account.
We do not provide a trading floor for the VEEC market but merely facilitate, and record, transfer of ownership of VEECs.
Surrender
Before 30 April each year, energy retailers with a liability under the program must surrender VEECs equal to their liability for the previous calendar year (an obligatory surrender).
We may also require accredited persons to surrender VEECs for improperly creating VEECs using our enforcement powers (a mandatory surrender).
VEECs may also be surrendered by their owner for any reason (a voluntary surrender). Often these surrenders are an outcome of an agreed administrative solution between ourselves and the accredited person when VEEC creation issues are identified.
Expiry
VEECs expire six years from the date on which the activity was undertaken, or upon surrender to us.