Renewable Energy Schemes

There are a number of schemes in Australia that support renewable energy installation and energy efficiency initiatives.  These schemes operate within legislative frameworks and are overseen by regulatory bodies.


 

VEET Scheme

The Victorian Energy Efficiency Target (VEET) scheme is a Victorian Government initiative promoted as the Energy Saver Incentive. It was established under the Victorian Energy Efficiency Target Act 2007 (the Act) and commenced on 1 January 2009. It is legislated to continue in three-year phases until 1 January 2030.

The purpose of the VEET scheme is to reduce greenhouse gas emissions, encourage the efficient use of electricity and gas, and to encourage investment, employment and technology development in industries that supply goods and services which reduce the use of electricity and gas by consumers.

The scheme operates by placing a liability on large energy retailers in Victoria to surrender a specified number of energy efficiency certificates every year. Energy retailers with a liability under the scheme are known as Relevant Entities. Relevant Entities are able to create certificates directly, or purchase certificates in a competitive market, or both.

Each certificate represents a tonne of greenhouse gas abated and is known as a Victorian Energy Efficiency Certificate (VEEC). For the first three-year phase of the scheme (2009-11), the scheme target is 2.7 million VEECs per annum, increasing to 5.4 million VEECs per annum during the second three-year phase, starting on 1 January 2012.

The Act and the Victorian Energy Efficiency Regulations 2008 allow for accredited entities, known as Accredited Persons (AP), such as Watts Green Pty Ltd to create VEECs when they help consumers make selected energy efficiency improvement to their homes.

The Essential Services Commission oversees the Victorian Energy Efficiency Target VEET Scheme, for more information go to www.veet.vic.gov.au.


 

ESS Scheme

The Energy Savings Scheme (ESS) began 1 July 2009 and is part of the NSW Government’s plan to cut greenhouse gas emissions 60% by 2050. It is legislated to continue until 2020 or until a national scheme is introduced.

The ESS creates a financial incentive to reduce electricity consumption by encouraging energy savings activities. It provides new opportunities for energy saving equipment and technologies to be delivered to businesses and households. ESS participants have benefited from lower electricity bills through implementing energy efficiency activities and have gained income from selling energy savings certificates through its market based mechanism.

Investment in energy efficiency is one of the most cost effective ways to reduce electricity consumption. Already the ESS has achieved significant energy savings with more than 2 million certificates created and 1.7 million certificates surrendered to meet compliance obligations. That represents 1.7 million tonnes of carbon dioxide equivalent (CO2e) that has been reduced or removed from the atmosphere. This is roughly equal to taking over 300,000 cars off the road.

The Independent Pricing and Regulatory Tribunal (IPART) administer the NSW Energy Savings Scheme. More detailed information on the scheme can be found at www.ess.nsw.gov.au.

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