Victorian Energy Efficiency certificates (VEEC's)
The Victorian Government introduced the Victorian Energy Efficiency Act (2007) in 2009 for the purposes of reducing greenhouse gas abatement and encouraging energy efficiency in homes and small to medium sized businesses. The scheme works by placing a liability on large Victorian energy retailers to purchase a certain number of Victorian Energy Efficiency certificates (VEEC's) per year.
One VEEC is equivalent to one tonne of greenhouse gas abated and VEECs can be created by installing eligible energy efficient products such as, solar hot water systems, energy efficient light bulbs and high efficiency appliances like refrigerators and televisions, just to name a few of the many eligible activities.
One VEEC is equivalent to one tonne of greenhouse gas abated