Targets to Achieve Victoria’s Energy Efficient Future

by Energy Action | Sep 16, 2015
The Victorian Government recently announced it would expand the Victorian Energy Efficiency Target, also known as the Energy Saver Incentive.

The Victorian Minister for Energy, Lily D’Ambrosio MP, said the Victorian Government would expand the Victorian Energy Efficiency Target (VEET) to:

  • - Extend the scheme for 5 years, instead of 3 years. The next phase of the scheme will run from 2016 to 2020, giving more certainty to industry
  • - Gradually ramp up the target by 20 per cent between 2016 and 2020

VEET works by providing an incentive for homes and businesses to save energy, by offering certificates in return for eligible energy efficiency activities, such as draft reduction, insulation and the installation of efficient lights, heating systems and appliances. To date, it estimated to have saved homes and businesses millions of dollars on their energy bills.

The Government says the targets, which form part of the Victorian Energy Efficiency Target Scheme, incentivise further investment in new energy technology and clean energy jobs. They also deliver cuts to household energy bills and reduce greenhouse gas emissions by 30 million tonnes.

The Energy Efficiency and Productivity Strategy, which is currently in development, is due for release later this year.

VEET targets for 2016-2020

Year

Amount of Victorian Energy Efficiency Certificates (VEECs)

Target in tonnes CO2-e GHG abatement

2016

5.4 million

5.4 million

2017

5.9 million

5.9 million

2018

6.1 million

6.1 million

2019

6.3 million

6.3 million

2020

6.5 million

6.5 million

Source : Victorian Government



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