The Victorian Energy Efficiency Certificate (VEEC) program is part of a larger program that seeks to increase the amount of energy-efficient activity in Victoria. It offers certificates for completing energy-efficient tasks, benefiting you financially.
However, you may not be aware that the calculator for VEECs is critical to maximising the money and energy you can save.
We aim to make the VEEC calculator make sense so you can use it effectively. Read on for a complete guide on how to use it for your business.
What are the VEEC Program and the Victorian Energy Upgrades Program?
The VEEC program is a part of the Victorian Energy Upgrades Program. The overall goal of this is to encourage Victorian businesses to be more energy-efficient in their daily operations.
Specifically, the VEEC program offers certificates to businesses that complete specific tasks related to being more energy-efficient. It mainly seeks to positively impact the environment by reducing greenhouse gas emission. Every certificate equals a tonne of greenhouse gas emissions.
The VEEC program is accessible to many industries and sectors, including:
- The industrial sector (factories and manufacturers)
- The commercial sector (hotels, retailers, offices and more)
- The agricultural sector
- The healthcare sector (e.g. hospitals)
- The education sector (schools, universities and more)
How Do You Earn on the VEEC Program?
Many energy-efficient activities can earn your business certificates in the VEEC program. For the complete list, look at the Essential Services Commission Website.
However, the basics of the program are that you get certificates for most activities that save a significant amount of energy. Here are a few examples:
- Installing a more efficient water heater on the business premises
- Purchasing higher-efficiency freezers or fridges
- Buying and installing a higher-efficiency air conditioning unit.
Despite there being many activities you can get certificates for, how many you get depends on how much energy you save by making the change; this is where the VEEC calculator comes in (find out more in the following two sections).
Also, once you get VEECs for your business, you can trade them with energy retailers; these retailers must surrender a specific number of certificates each year according to the program’s rules.
The program has specific targets for each year.
What is the Role of the VEECs Calculator?
Now you understand the role of the VEEC, we can go into more detail on the VEEC calculator.
The VEEC calculator is a tool to determine how many VEECs you can get for specific energy-saving activities.
What Benefits Can the VEEC Calculator Get You?
The primary benefit of the VEEC calculator is to help you save money on energy bills for the business; this is the benefit you will see the most long-term enjoyment from, as it will continue to be a benefit if you continue to create VEECs.
Also, the calculator can help you work out the payment for VEEC tasks, so it is a crucial tool to get financial benefits from the program.
Also, note that the VEEC calculator can help you see how the task will affect the environment; it gives you a better insight into your business’s positive changes.
What are the Components of the VEECs Calculator?
You need to input critical information into the calculator to get the data you need about how many VEECs you can create.
Some of the key inputs you need to research before inputting them into the calculator include:
- The activity you want to input.
- The data you consumed from the component before making the changes.
- Details of the new equipment, including the date (day, month and year) you purchased it, the model, the size details and more.
- The improvements it is making in the business, such as the amount of energy saved.
How Do You Use the VEEC Calculator?
Now you know the benefits of the VEEC calculator, we can detail how to use it.
Gather All the Information You Need
Before inputting the data the VEEC calculator needs to calculate the created VEECs, you must research the required information and gather the necessary documents. You must ensure you have the correct data to avoid errors.
Here are some of the documents you should gather before using the VEEC calculator:
- Energy bills that show your energy-efficiency level before starting the activity. Also, include patterns of how your energy consumption changes over the seasons.
- Equipment specifications for the old and new equipment related to the task.
- A document of your proposed upgrades to the equipment to produce more energy-efficient results.
- A document explaining the costs of the project and any financial incentives that may affect it.
- Note down relevant details about the property, including its size, type, location and more.
Input All the Relevant Data into the Calculator
Once you have all the necessary documents, you can input them into the calculator. Once you get to the calculator, follow the on-scree instructions to input the correct information.
You also need to ensure that the data you input is entirely accurate, or you will get results that don’t reflect the actual number of VEECs you are eligible for.
Make Sense of the Results and Make Decisions Based on Them
Once you get the results from the calculator, it’s crucial to make sense of them.
The calculator bases created VEECs on the data you input; it accurately estimates how much energy you will save from the task you choose to carry out. Remember that the data you input must be 100% accurate for the results to be correct.
Aside from the potential energy savings you will make, the calculator will also generate the potential financial gains from the project and the payback period.
How Can You Maximise Your VEEC Earnings?
You may think that VEEC tasks involve a set number of certificates, so there is only so much financial gain you can make. However, there are ways to maximise their earning potential.
Find Projects with the Greatest Earning Potential
One of the best things about the VEEC calculator is that you can use it theoretically; this means that you can use it to enter information about a project that you aren’t carrying out to find out the VEEC price.
Using it to calculate multiple potential projects can help you see the ones that will make you the most money and have the most significant environmental impact. Companies may calculate all the tasks to work out the higher-priority ones.
Work with Experts on VEEC
Working with an expert on energy efficiency on VEECs can be helpful for your business because they can ensure that the data you input into the calculator is entirely accurate. If you don’t get the data entry right, you could choose a project that will not get you as many VEECs as you think.
Final Thoughts on How You Should Use the VEEC Calculator
Overall, we hope our Victorian Energy Efficiency Certificate calculator guide makes the system make more sense so you can use it effectively for your business.
If there’s one key point you must remember, it’s to input data that is completely accurate; if you don’t do this, you may choose a less energy-efficient project with fewer VEECs.
Remember that the calculations are crucial when making informed decisions for your business. The calculator can also provide a number of solutions that provide a greener future for Victoria, so it’s crucial that you use it to implement wider benefits.