VEEC FAQsPrint this page
Q: 1. What is a VEEC?A:
Victorian Energy Efficiency Certificates (VEECs) are electronic certificates created in accordance with the Victorian Energy Efficiency Target Act 2007 (VEET Act). VEECs are to encourage the uptake of energy efficient technology and play in important role in achieving the Victorian government’s target of reducing greenhouse gas emissions from households
Q: 2. Is my system eligible for VEECs?A:
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:
Q: 3. How many VEECs am I eligible to create?A:
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
Q: 4. What is the value of a VEEC?A:
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. Price is held when complete and correct claims are received at our office. Our daily price is available at:
Q: 5. How do I claim payment for my VEECs?A:
The Greenbank VEEC Assignment form must be completed. Forms can be downloaded at http://green-bank.com.au/energy-efficiency/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
Q: 6. What is decommissioning?A:
In order to be eligible for VEECs, an existing system capable of working must be decommissioned. Successful decommissioning results in the old item not being able to be successfully used again. Decommissioning may involve piercing/chiseling a hole in the tank, taking to recyclers/scrap metal and crushed etc. Disconnection of the old unit is not decommissioning as it could potentially be reconnected elsewhere. Evidence of decommissioning must be provided. This may be a picture of the old system or a receipt from the recyclers/scrap metal yard. We recommend the plumber including the method of decommissioning on the plumber’s certificate of compliance.
Q: 7. How and when will I receive payment for my VEEC claim?A:
You will receive payment into you nominated bank account or by cheque in 5-10 business days.