What Are The Victorian Energy Upgrades?

If you’re a homeowner or business owner in Victoria, it’s likely you’re no stranger to the significant buzz surrounding solar panels, all-electric homes and increased energy efficiency.

As the global collective shifts towards the use of more sustainable energy sources, it’s crucial for homeowners just like you to stay informed about the impressive government initiatives surrounding solar and battery storage – much like the Victorian Energy Upgrades (VEU) program.

So, what exactly are these upgrades, and how can they benefit you as a homeowner or business owner alike?

Let’s deep-dive into the details and shed some light on this innovative program designed to not only save you money but also contribute to a greener and more sustainable all-electric future for us all.

What are the Victorian Energy Upgrades and why were they developed?

In a bold move towards a vastly cleaner and more sustainable future, the Victorian government has set its sights on electrification via the Gas Substitution Roadmap.

Recently launched, the roadmap was created to help Victorians navigate the path to net-zero emissions while also offering the opportunity for greater all-electric product choice and the reduction of energy bills.

The Roadmap outlines how the Victorian State Government plans on utilising energy efficiency, electrification, hydrogen and biogas to drive down bills and cut carbon emissions for all Victorian homeowners and businesses.

More broadly, the roadmap involves several key actions:

• Boosting electrification incentives: The Victorian Energy Upgrades program takes centre stage in the roadmap by promoting electrification by offering incentives for energy-efficient upgrades while phasing out incentives for domestic gas.
• All-electric developments: The requirement for new developments to be connected to gas was removed in 2022, paving the way for all-electric developments and encouraging the adoption of electrification technologies.
• Regulation alignment: Plumbing regulations are being aligned with changes in the National Construction Code 2022, further propelling the shift towards energy efficiency and lower emissions.

As the heart of this revolution, the Victorian Energy Upgrades program – a voluntary initiative – provides incentives for Victorians to make energy-efficient improvements to their homes and businesses. By participating in the VEU program, you’re not only cutting down on power bills but also reducing greenhouse gas emissions, contributing to a cleaner environment and more sustainable solar and solar battery storage industry across the globe.

What’s more, the VEU program outlines that all new homes requiring a planning permit will be required to be all-electric from January 2024. This covers both new homes and all residential subdivisions that require a planning permit, and requires that they cannot connect to any gas network.

So, how does this program actually work?

How does the Victorian Energy Upgrades program work?

The process is surprisingly simple yet impactful and contains several key elements:

VEEC creation: Energy retailers purchase Victorian Energy Efficiency Certificates (VEECs) and surrender them to the Victorian Government. These certificates are a testament to the greenhouse gas reductions achieved.

Greenhouse gas reductions: Every VEEC represents one tonne of greenhouse gas removed from the environment. This reduction is achieved through various energy-efficient upgrades.

Discounted energy upgrades: Homeowners and businesses are the real winners here. By participating, you gain access to discounted energy upgrades that not only lower your energy bills but also decrease the amount of greenhouse gas released into the atmosphere.

Accredited providers: Accredited providers apply cost reductions on energy-efficient products, which are approved by the Victorian Government. This ensures that the upgrades you receive meet high standards of energy efficiency.

Why should I embrace the Victorian Energy Upgrades program?

Participating in the Victorian Energy Upgrades program comes with a host of benefits for all consumers (homeowners and business owners alike), including:

• Competitive advantage: Businesses can gain a competitive edge and even offer discounts by embracing energy-efficient practices.
• Cost-neutral participation: Participating in VEU can potentially become cost-neutral as the incentives help offset the initial investment in energy-efficient upgrades. Assessing the difference between upfront costs and long-term savings is essential to ensuring you make the right decision for your investment.
• Corporate sustainability: Businesses can align with corporate sustainability requirements, showcasing their commitment to environmental responsibility.

You can read more about the specific benefits of being involved in the VEU by searching “Victorian Energy Upgrades for homeowners” or “Victorian Energy Upgrades for businesses”.

What products and incentives are covered under the Victorian Energy Upgrades program?

The VEU program casts a particularly wide net, covering a wide range of solar, solar battery storage and associated energy-efficiency products and upgrades that span both households and businesses.

For homeowners, these can include:

• Heating and cooling
• Whitegoods
• Hot water systems
• Pool pumps
• Weather sealing

Businesses can also benefit from energy-efficient upgrades in areas such as:

• Heating and cooling
• Whitegoods
• Hot water systems
• Refrigeration and ventilation fans
• Pool pumps
• Custom business upgrades

How much money can you save by participating in the VEU program?

In the world of Victorian Energy Upgrades, the bigger the greenhouse gas reduction, the more VEECs your upgrade can create.

Overall, this translates to a more substantial financial incentive. Several factors influence the incentive amount, including the VEEC price (which can fluctuate based on market conditions) and accredited provider costs.

The VEEC market is a dynamic space, with prices that can fluctuate significantly based on supply and demand. In Victoria, legislative regulations and long-term targets provide stability for participants in the VEU. Targets are projected until 2025, and further targets will be set beyond that point once the time rolls around.

If you’re unsure about getting started or any element of the program, you can give our friendly, trusted G Store solar team a call on 1300 137 567 and we’ll walk you through the entire process.

How am I protected under the VEU?

To ensure a seamless and ethical experience, the VEU program has established a Code of Conduct. This code outlines the minimum standards of behaviour for all stages of your journey as a solar consumer, including marketing, sales, installation, and dispute resolution. Importantly, the Code of Conduct helps safeguard you against cheap/poor-quality solar deals whose presence is increasing in the Victorian market.

To ensure that upgrades meet the desired standards, the VEU program has specific criteria and evidence requirements. These criteria cover factors such as energy efficiency standards, registration, refrigerant requirements, and disposal procedures for the solar and energy-efficiency products covered by the Victorian Energy Upgrades program.

Further, to estimate the potential impact of your energy-efficient upgrades, you can utilise the VEEC Calculator available on the VEU program’s website. This tool helps you gauge the number of VEECs your upgrades might generate and the resulting financial incentive.

Wrapping up – how do I get started with the VEU?

To learn more about the money you can save by participating in the VEU movement, just visit our Learning Centre or give our friendly G Store team a call today on 1300 137 567.

We’ll love speaking with you.