Victorian Energy Efficiency Certificates (VEECs) are electronic certificates created in accordance with the Victorian Energy Efficiency Target Act 2007 (VEET Act). They encourage the uptake of energy efficient technology and play an important role in achieving the Victorian government’s target of reducing greenhouse gas emissions from households.

The Greenbank VEEC Assignment form must be completed. Forms can be downloaded at http://www.green-bank.com.au/veec/forms. All information requested on the form must be provided as it is required by the ESC for the creation of VEECs. Supporting documentation must be provided with the form to complete your claim. A copy of the plumbing certificate of compliance and a copy of the invoice from the installer/supplier must be provided with the VEEC form. Claims cannot be processed without copies of both supporting documents.

If the system is owned by a business, GST is payable on the VEEC transaction, thus a Tax Invoice needs to be provided to Greenbank for payment to be made.

The financial value of a VEEC is dependent on the supply of and demand for VEECs. As a result this value can be variable from day to day as a VEEC is a tradable commodity. The price is determined on the day Greenback receives complete and correct forms. Our daily price is available at:

http://www.green-bank.com.au/

VEECs can only be created from prescribed activities undertaken on or after 1 January 2009 and before 1 January 2030. An old system, capable of working, must be decommissioned and a new, registered product installed. For the complete list of activities and registered products visit:

https://www.veu-registry.vic.gov.au/Public/ActivitiesPostcodeSearch.aspx

https://www.veu-registry.vic.gov.au/Public/ProductRegistrySearch.aspx

The Essential Services Commission regulates the creation of VEECs and has calculators available on their website to assist in determining the number of eligible VEECs.

https://www.veu-registry.vic.gov.au/Public/Calculator/VEECCalculator.aspx