The Victorian Energy Upgrades (VEU) is driving energy efficiency upgrades in Victoria by providing financial incentives to make implementation more affordable and attractive.

Also known as the Energy Saver Incentive or the VEET Scheme, it is administered in accordance with the VEU Regulations 2008 by the Essential Services Commission.

Victorian Energy Efficiency Certificates (VEECS) can be created by an Accredited Person (AP) and sold to a liable party (Energy Retailer) when a legitimate activity takes place. The scheme places an obligation on Energy Retailers to purchase certain quantities of Victorian Energy Efficiency Certificates (VEECs) every year, and through a wholesale certificate market this creates the incentive for energy efficiency activities.

Category Sch Activity Residential Business Wattly Accredited
Commercial Lighting Building Based 34 Commercial building lighting upgrades NO YES YES
Commercial Lighting Non-Building Based 34 Outdoor: Public lighting, streets, councils, carparks, sports facilities lighting. NO YES YES
Project Based Activities PBA Commercial and Industrial Upgrades. NO YES YES
Incandescent Lighting Replacement 21 General Lighting including downlights, reflectors lamps, incandescent lighting YES YES YES

Government Schemes FAQs

  • Market Based Scheme

    • Tradable certificates are called Victorian Energy Efficiency Certificates (VEECs)
    • One certificate (VEEC) = 1 tonne of CO2e abated (converted from MWh or GJ of energy savings)
    • The target for 2017 is 5.9 million VEECs, increasing to 6.5 million by 2020.
    • Certificates are bought and sold on the wholesale market in parcels of 5,000 through brokers
    • The certificate price is based on supply and demand and can be quite volatile.

  • Market Demand

    • The scheme places an obligation on energy retailers to purchase VEECs
    • Energy Retailers face penalties for failing to meet (surrender) their quota of certificates
    • Certificate costs are recovered from consumers (through charges on their electricity bills)

  • Market Supply

    • Accredited Persons/Providers (APs), are businesses accredited create certificates as the result of energy efficiency upgrades
    • Certificates can only be created by performing approved upgrade activities (Schedules)

  • Regulations

    • VIC Government scheme regulated to 2030 (The VEU Act).
    • VIC Government Essential Services Commission (ESC) administers the scheme
    • VIC Department of Environment, Land, and Water Planning (DELWP) are responsible for policy development of the scheme.

Wattly is an AP under the Victorian Energy Upgrades (VEU). Before creating VEECs, evidence must be collected in the form of photographs, declarations, receipts and other documentation depending on the nature of the upgrade.

Wattly specialises in the VEU scheme through:

  • Streamlining the process of creating certificates. We work closely with all parties involved to collect, validate and quality check all evidence necessary to ensure all eligible certificates are registered.
  • Making payment quickly on submission of completed evidence. We understand cash flow is important and so we pay you when your evidence is complete before we sell the certificates.
  • Locking in the certificate price for you. We aggregate and trade certificates almost every day. This way we can lock in the best pricing and remove the risk of price volatility for you. Wattly has other payment models for larger creators.
  • Upfront payment to help your cashflow or for high volume partners Wattly can charge a registration fee and transfers the certificates upon registration to allow you to trade the certificates.
  • Leading App for Commercial Lighting. Wattly recently released its 4th generation app for commercial lighting. It provides real-time collaboration between installers in the field and staff in the office.
  • Highly experienced industrial and commercial consulting engineers who can identify energy efficiency opportunities throughout your client’s businesses.

Partnering with Wattly

Wattly partners with businesses involved in energy efficiency and renewable energy installations to enable them to financial based incentives under the state and federal schemes.

Wattly partners with both energy efficiency installation companies, electricians, equipment suppliers and end businesses performing upgrade

Get in touch

For further information, or to discuss how Wattly can help you, please call us.

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