What are VEECs?
Victorian Energy Efficiency Certificates (VEECs) are a stimulus package available to Victorian businesses undertaking energy efficiency projects such as installing solar power. Each certificate, representing one tonne of GHG emissions reduction, can be sold on a live market providing an additional incentive for companies.
How are VEECs calculated?
VEECs are calculated based on the amount of reduction in GHG emissions that the project creates. VEECs can be created and sold by the customer or signed over to the supplier in return for an upfront rebate.
The price of VEECs has increased dramatically in the last 6 months
With changes to the eligibility of the scheme for light projects the price of VEECs has increased dramatically since the turn of the year (shown in green below). For large-scale behind the meter solar projects in Victoria the VEECs scheme is now much more attractive than the LGC scheme.
Source: Demand Manager
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