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Understanding VEECs: A Comprehensive Guide for Businesses

Understanding VEECs: A Comprehensive Guide for Businesses

Access a greener tomorrow for your business! VEECs have unlocked energy savings and environmental responsibility for businesses just like yours! 

You can instantly shrink your carbon footprint and beat the energy price surge. Become a business for Australia’s new dawn of environmental change today! 

Read on to discover how VEECs and energy efficiency can provide your business with new opportunities!

What is a VEEC?

VEECs are Victorian Energy Efficiency Certificates. You can attain this certificate under the Victorian Energy Upgrade (VEU) program for energy efficiency.

Your business can generate certificates for the energy efficiency activities undertaken, such as installing lighting upgrades and energy-efficient appliances.

Join the numerous businesses across the locality that have generated VEECs to meet the 7.3 million target by 2025! The spatial mapping of VEEC intensity per dwelling highlights the significant adoption of the program.

Image: ResearchGate

How does VEEC creation work?

Once your business or household has invested in energy-efficient equipment and practices, you can try to obtain VEEC. 

An accredited person such as Ecosaver will assess your energy-efficient activities based on energy consumption and carbon dioxide reduction. 

Energy retailers can then purchase your certificate and the certificate value is returned to you!

Image: Ecovantage

What is the purpose of a VEEC?

The VEEC scheme is an incentive for businesses to reduce greenhouse gas emissions, upgrading the electricity grid to more renewable power

However, environmental certificates also provide a market-based mechanism. This motivates businesses to enhance Australia’s sustainable future.

Here are the top 8 purposes of VEECs:

1.  Reducing greenhouse gas emissions 

Greenhouse gas emissions are a dominant contributor to climate change. They are key factors in the atmosphere’s heat trap and the reason why Australia is aiming to reduce emissions by 43% below 2005 levels by 2023.

Ultimately, temperatures across the globe rise as a result. This is in addition to further climate impacts, such as weather extremities.

Implementing energy-efficient, prescribed activities in your business helps to reduce greenhouse gas emissions. In fact, your VEEC represents an impressive one-tonne reduction of CO2-equivalent greenhouse gas emissions.

As a result, you can feel confident that you are actively mitigating climate change and driving action and impacts .

2. Reducing your carbon footprint

When you reduce the greenhouse gas emissions emitted by your business, you are also reducing your carbon footprint. This can help you change the way you live and lead a sustainable business.

Your Victorian Energy Efficiency Certificate effectively offsets a considerable volume of greenhouse gas emissions. This provides your business with a form of carbon offset to seriously impress your customers! 

3. Decreasing energy costs

When your business installs and implements energy-efficient measures, you will reduce the amount of energy your business uses. 

Lighting upgrades are simple yet effective. Lighting can account for up to 25% of your energy bill!

This leads to an overall decrease in energy costs over time, lowering your energy bills to maximise your business profits.

4. Accessing financial incentives

The financial benefits of participating in the VEEC program are limitless! Depending on your resident state or territory, your business may enjoy certain financial benefits. 

This funding may include government rebates, tax incentives, or energy-efficient grants to encourage adoption. 

Check out your local energy comparison site for the latest incentives such as a Power Saving Bonus payment for Victorian residents!

5. Conserving energy

Energy conservation provides a two-fold advantage under the VEEC scheme. Firstly, when your business uses less energy, your energy bills will reduce and you will save money!

However, conserving energy and reducing energy waste provides additional benefits to the global community. You can improve the quality of the environment and provide countries independence.

6. Promoting sustainable practices

Adopting energy-efficient activities allows your business to promote sustainable practices and display the entity’s environmental awareness.

This commitment to the environment is an attractive prospect to customers and may entice more clients to your business.

7. Meeting energy efficiency targets

The VEEC scheme is part of Victoria’s wider energy efficiency policy, such as encouraging more investment in renewable energy. This involves a requirement to reduce greenhouse gas emissions and encourage energy-saving initiatives.

Therefore, issuing energy efficiency certificates (VEEC) under the Victorian Energy Upgrade (VEU) program helps the state to meet energy efficiency targets.

8. Providing market-based incentives

Energy retailers can purchase VEEC certificates through the VEEC market, creating a market-based incentive for energy efficiency certificates.

VEEC price margins can fluctuate as the market updates, however. This relies wholly on supply and demand.

This can provide a lucrative flow of income for your business. You can sell VEECs through the VEEC Registry, trading certificates with fellow businesses and energy retailers.

Using the latest VEEC calculator methodologies, Ecosaver will determine the potential VEECs to generate for your business! This will provide your business with an edge over your competitors. 

What are energy-efficient activities?

To acquire VEECs, you must implement energy-efficient, project based activities. Australian households could save thousands of dollars through energy-efficient solutions and many are simple to implement!

Here are the top 5 energy-efficient activities to implement in your business:

1.  Upgrading lighting

Upgrading the lighting in your business to LED lighting can reduce the volume of energy used for lighting your premises. You could cut your light energy use by up to 80%!

LED lighting fixtures and bulbs are better for the environment and for your bank balance! LED lights are also brighter and will look great inside your business premises.

2.  Replacing appliances

Old appliances can consume a high volume of energy, increasing your energy costs.

Replacing your appliances with new, energy-efficient models can help you to use less energy. Simply switching from gas to electric appliances could save you $1,900 per year!

3.  Insulating your premises

Insulation reduces the loss of heat from the premises, reducing the volume of heat energy required to keep your premises warm. 

Insulation is also a key necessity to keep your premises cool when the weather demands. 

Insulation could save you up to 45% of your energy costs across the roof and ceiling alone!

4.  Installing solar panels

Australia as a whole has experienced a 200% increase in installed solar power generation capacity since 2018. Solar panels could save you around $400 per kW annually, amassing substantial savings over time!

5.  Upgrading hot water systems

New, energy-efficient hot water systems offer your business greater efficiency and increased financial savings on your energy costs. 

Installing a heat pump or a commercial solar water heater helps you to keep your hot water costs low.

Hot water storage tanks and pipe insulation could increase your savings by up to 30%!

Who can issue VEEC environmental certificates?

Only accredited businesses such as Ecosaver are VEECs approved and have the authority for creating certificates. We will create VEECs for your business with our simple 5-step process.

You can trust Ecosaver to audit the site and produce a proposal. We will then kickstart the project and decommission old items so you can start to save money!

We assess certificates in line with the Victorian Energy Efficient Target (VEET) program and the Essential Services Commission (ESC).

Once your business has attained VEEC creation, you will submit your energy certificates to the VEEC Registry. They will then approve and validate your environmental certificates. After validation is complete, you can sell or trade your VEECs!

Why choose Ecosaver?

Ecosaver is a leader in this field, demonstrating expertise, compliance, and independence. 

We will passionately audit energy efficiency activities and assess the number of VEECs accredited to each project in your business. 

Are you ready to take your first step toward a more energy-efficient business? 

Contact Ecosaver now to talk to an expert who will help you to reduce your environmental impact and save energy costs. 

Take advantage of our FREE Audit & Quote to begin your renewable energy journey today!

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