Many businesses today choose sustainable practices to reduce their environmental impact and save money. One way to do this is by focusing on energy efficiency and saving energy.
The Victorian Energy Upgrades (VEU) program is a government initiative that helps businesses adopt energy-efficient solutions and offers financial benefits through Victorian Energy Efficiency Certificates (VEECs).
So what VEECs and how can they save your business money? Let’s find out.
About Victorian Energy Upgrades
The Victorian Energy Upgrades (VEU) program, previously known as the Victorian Energy Efficiency Target (VEET), is one of Victoria’s most effective programs for reducing energy use and greenhouse gas emissions.
Created by the Victorian Government, the program encourages homes and businesses to use energy-efficient technologies and practices.
It offers financial incentives to reduce the upfront costs of energy-efficient upgrades, making them more affordable and accessible for everyone in Victoria.
How the Program Works
The VEU program is based on a system of Victorian Energy Efficiency Certificates (VEECs). Each VEEC equals one tonne of greenhouse gas emissions saved through approved energy-saving activities.
Accredited providers, like Cyanergy, carry out these activities. Examples include:
- Replacing old, inefficient lighting with LED lights.
- Installing energy-efficient appliances.
- Upgrading insulation.
- Adding renewable energy systems like solar hot water.
For each upgrade, providers generate VEECs and pass savings to consumers through discounts or rebates.
Energy retailers in Victoria must buy and submit a certain number of VEECs each year to meet legal emissions reduction targets. This drives energy-saving projects and promotes efficient technologies in homes, businesses, and industries.
Benefits of the Program
The VEU program offers several advantages:
Lower Costs: Households and businesses save on energy bills using less energy.
Environmental Benefits: The program reduces greenhouse gas emissions, supporting Victoria’s climate goals.
Economic Growth: By boosting demand for energy-efficient products, it supports local businesses, creates jobs, and promotes innovation in green technology.
Accessibility: Financial incentives make participating easier for low-income households and small businesses.
Program Scope and Eligibility
The program includes various energy-saving activities for homes and businesses, such as:
- Switching old halogen or incandescent lights to energy-efficient LEDs.
- Installing efficient heating, cooling, and ventilation systems.
- Upgrading appliances like refrigerators and freezers to energy-saving models.
- Improving building insulation and sealing to prevent energy loss.
- Adding renewable energy solutions, such as solar hot water systems.
Participants range from individual households to large businesses, ensuring the benefits of energy efficiency reach all parts of the community.
What are Victorian Energy Efficiency Certificates (VEECs)?
VEECs are digital certificates representing the savings of 1 tonne of greenhouse gas emissions (measured as CO2 equivalent) through energy-saving actions by homes and businesses.
These certificates are part of the VEU program, run by the Essential Services Commission.
Businesses can earn VEECs by adopting energy-saving methods like upgrading lighting, adding solar panels, or improving heating and cooling systems (HVAC).
These certificates make energy-efficient products and activities more affordable, helping businesses cut costs and reduce greenhouse gas emissions.
How Victorian Energy Efficiency Certificates Work?
Victorian Energy Efficiency Certificates (VEECs) are part of the Victorian Energy Upgrades (VEU) program, which started in 2009 to help reduce greenhouse gas emissions from energy use by encouraging energy efficiency.
To be part of the VEU program, energy-saving products must be approved and listed in the program’s Register of Products. This involves an application and approval process.
Accredited providers must carry out installations and energy-saving activities to generate VEECs.
Common ways to earn VEECs include:
- Upgrading lighting in commercial buildings.
- Improving heating and cooling systems (like water heaters and air conditioners).
- Switching to high-efficiency appliances like fridges, pool pumps, and clothes dryers.
- Insulation or low-flow showerheads should be added for better energy use in homes.
Lighting upgrades have been the main source of VEECs so far. However, many lighting products have recently been removed from the program’s approved list so that more certificates will come from other energy-saving activities.
Under the VEU scheme, energy retailers must participate if they sell large amounts of gas or electricity in Victoria. Retailers are considered responsible if they either:
- Serve at least 5,000 customers.
- Sell over 30,000 megawatt hours (MWh) of electricity.
- Sell over 350,000 gigajoules (GJ) of gas.
How Are VEEC Prices Determined?
How VEECs Are Generated?
The number of VEECs created by an energy efficiency project is directly tied to the amount of greenhouse gas emissions it saves.
For example, upgrading a building’s lighting or installing a solar hot water system reduces energy use, which lowers emissions.
Each tonne of emissions saved is converted into one VEEC, making these certificates a measurable representation of environmental benefits.
Who Buys VEECs?
Several entities participate in the VEEC market, including:
Energy Retailers: These companies have legal obligations under the VEEC Act. Their liability is calculated based on the total energy (electricity or gas) they sell yearly.
To meet these obligations, they must purchase and submit a specific number of VEECs annually.
Accredited Persons: Businesses or individuals accredited under the VEU program for energy efficiency upgrades may purchase VEECs to meet project requirements or manage their commitments.
Certificate Traders: These entities act as intermediaries, buying and selling VEECs to ensure smooth market functioning.
Other Account Holders: Any organisation or individual with a VEU account can trade or hold VEECs, often for financial or compliance purposes.
How Are VEEC Prices Set?
Like other environmental certificates across Australia, VEEC prices are determined by market dynamics. The spot price, or current market price, changes based on:
Supply: The availability of VEECs depends on the completion and creation of energy-saving projects and certificates. If more projects are implemented, the supply of VEECs will increase.
Demand: Demand comes primarily from energy retailers meeting their legal obligations and others trading VEECs. Prices may rise if demand is high (e.g., due to increasing energy retailer liabilities or growing participation in energy efficiency programs).
Market forces, regulatory changes, and technological advancements can significantly affect supply and demand, causing the spot price of VEECs to fluctuate.
How VEECs Help Beat Energy Prices?
VEEC prices impact:
Consumers: Higher VEEC prices may translate to better rebates and discounts for households and businesses adopting energy-efficient upgrades.
Energy Retailers: Rising VEEC costs increase compliance expenses, which may influence consumer energy prices.
Market Stability: A healthy balance between supply and demand ensures a stable VEEC price, supporting continued participation in the program and fostering investment in energy efficiency projects.
Understanding these price dynamics helps stakeholders decide about energy efficiency investments and trading strategies.
Benefits of VEECs for Your Business
Victorian Energy Efficiency Certificates (VEECs) can provide several advantages for businesses, especially those with high energy consumption in Victoria.
These benefits include cost savings, faster returns on investment, and opportunities for further improvements in energy efficiency.
Lower Upfront Costs
VEECs act as financial incentives, reducing the initial costs of energy-saving upgrades. When a project generates VEECs, businesses can apply the value of these certificates as a discount on the capital costs of upgrades like:
- Replacing inefficient lighting with LEDs.
- Upgrading HVAC systems or insulation.
- Installing solar hot water or other renewable solutions.
This makes energy-efficient upgrades more affordable and easier to implement.
Faster Payback Periods
Reinvestment Opportunities
The financial savings generated by energy-efficient upgrades can be reinvested into additional projects. For example:
- After upgrading to energy-efficient lighting, a business might use the savings to install renewable energy systems like solar panels.
- This cycle of reinvestment helps businesses continuously improve energy efficiency and further reduce operational costs.
Tailored Benefits for High-Energy Consumers
Environmental and Reputation Benefits
Adopting energy-saving measures and participating in the VEEC program enhances your business’s reputation. Customers and stakeholders increasingly value companies that prioritise sustainability and take steps to reduce their carbon footprint.
If your business is in Victoria and consumes substantial electricity, gas, or both, participating in the VEU program and earning VEECs can be a smart move for your operations and bottom line.
How can VEECs make your business more energy efficient?
VEECs (Victorian Energy Efficiency Certificates) can make your business more energy-efficient by helping you identify energy-saving opportunities and implementing upgrades.
With expert support, you can reduce energy use, lower operating costs, and improve sustainability while benefiting financially.
To generate VEECs, you need to work with an Accredited Provider. Cyanergy is an Accredited Provider under the Victorian Energy Upgrades (VEU) program and offers assistance in creating VEECs through eligible energy projects.
Your Solution Is Just a Click Away
The post What Are VEECs and How Can They Save Your Business Money? appeared first on Cyanergy.
https://cyanergy.com.au/blog/what-are-veecs-and-how-can-they-save-your-business-money/
Weather Guard Lightning Tech
Terra-GEN, Nordex & Siemens Gamesa Improve
Terra-Gen’s 238.5 MW project in Texas is now fully operational and the Philippines just awarded approvals for more than 10 GWs of renewables. Plus Nordex and Siemens Gamesa are optimistic about their future.
Sign up now for Uptime Tech News, our weekly email update on all things wind technology. This episode is sponsored by Weather Guard Lightning Tech. Learn more about Weather Guard’s StrikeTape Wind Turbine LPS retrofit. Follow the show on Facebook, YouTube, Twitter, Linkedin and visit Weather Guard on the web. And subscribe to Rosemary Barnes’ YouTube channel here. Have a question we can answer on the show? Email us!
There’s news from the wind industry this week. And for once… the headlines tell a story of growth. Down in Hidalgo County, Texas… something worth celebrating happened this week. Terra-GEN commissioned the Monte Cristo ONE Windpower Project. Two hundred thirty-eight-point-five megawatts. Fully operational. The wind facility will generate more than 850 gigawatt-hours of clean electricity every year. Enough to power roughly 81,000 homes. And the power? Already sold. Long-term purchase agreements with two corporate customers. Construction created about 280 jobs at peak activity. More than 490,000 work hours. Not one lost-time incident. They upgraded 11 miles of state roads. Twenty-five miles of county roads. Over its lifetime… the project will deliver more than 100 million dollars to the local community. Property taxes. Landowner payments. Other economic contributions. “It is an honor,” said John O’Connor, Chief Financial Officer for Terra-GEN, “to celebrate the hard work and dedication of the hundreds of men and women who made the commissioning of the Monte Cristo wind project possible.” Meanwhile… halfway around the world in the Philippines… the government just awarded approvals for more than 10 gigawatts of renewable power. That’s ten-point-two gigawatts, to be exact. One hundred twenty-three winning bidders. Solar. Storage. And wind. Onshore wind alone claimed two-point-five gigawatts of that capacity. Twenty-one projects. All set to deliver power by 2029. The Philippines is targeting 50 percent renewable generation by 2040. And they’re not waiting around. The “overwhelming response,” said the department of energy, “reflects the growing confidence of investors.” Back in Europe… in Germany… Nordex is making moves. The turbine manufacturer just secured orders for 123 megawatts from Denkerwulf. Twenty-five onshore wind turbines. Installation begins in 2027. Commissioning in 2028. And Nordex shares? They’re climbing. Hit a multi-year high this week. Trading at 28 euros and 2 cents. Denkerwulf’S orders for Nordex in 2025 now total nearly 144 megawatts. And last week… Mingyang signed a contract with ORE Catapult… a state-owned British test center. They’re going to test main bearings for Mingyangs offshore 18.5MW turbines in the United Kingdom. “A major milestone,” said Mingyang’S chief technology officer for Europe, Marc Sala. “A decisive breakthrough for our local operations.” Mingyang has big plans for Britain. One-point-five billion pounds in investments. Half for factories. Half for the offshore wind supply chain. Now… over at Siemens Gamesa… things are looking up. The wind business has been struggling. Over four fiscal years… losses totaled eight-point-six billion euros. But Chief Executive Officer Christian Bruch confirmed this week… they’re still targeting profitability by 2027. Break-even by 2026. Revenue for full-year 2025 rose 5 percent to ten-point-three-seven-five billion euros. Losses improved slightly. “The journey towards profitability is going to take time,” said Chief Financial Officer Maria Ferraro. “But I think the team is doing a great job.” They expect a positive fourth quarter in 2026. So there you have it. The wind industry is pushing forward. Two hundred thirty-eight-point-five megawatts commissioned in Texas. One hundred twenty-three projects approved in the Philippines. One hundred twenty-three megawatts ordered in Germany. Eighteen-point-five megawatt turbines heading to Britain for testing. And Siemens Gamesa … now seeing light at the end of the tunnel. The numbers tell the story. Things are beginning to stabilize – and there’s hope for the future. That’s the state of the wind industry on the 17th of November 2025. Join us tomorrow for the Uptime Wind Energy podcast.
https://weatherguardwind.com/terragen-nordex-siemens/
Many Americans are starting to feel like the lady whose observations we see at left.
Exactly how this moves forward from here is anyone’s guess. Maybe the Democrats gain a huge majority in Congress in 2026 and then impeach and convict Trump–perhaps joined by lots of Republicans.
There are plenty of different scenarios.
As shown in this short video, Donald Trump says that climate change is the biggest con job ever perpetrated on Earth.
We are to believe that Trump a) understands the subject better than the thousands of our planet’s top scientists, located in countries all around the globe, and b) he’s telling the truth, where they have somehow gotten together and conspired to lie.
That’s quite a stretch.
Your Summary of Negotiations: Nov. 17
Terra-GEN, Nordex & Siemens Gamesa Improve
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