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The Victorian Energy Upgrades (VEU) program is a government initiative in Victoria, Australia aimed at reducing greenhouse gas emissions and energy bills for households and businesses. The program was introduced in 2009 and is managed by the Essential Services Commission (ESC).

The VEU program is a market-based scheme that uses tradable certificates to incentivize households and businesses to invest in energy-saving activities. The certificates, known as Victorian Energy Efficiency Certificates (VEECs), are generated when an energy-saving activity is completed and are traded on the open market.

To participate in the VEU program, households and businesses must engage with an accredited provider, who will assess their energy needs and recommend energy-saving activities that qualify for VEU incentives. These activities may include replacing old light bulbs with LED lights, upgrading hot water systems, and installing insulation.

The VEU program sets a target for the number of VEECs that must be created each year, based on the Victorian government’s greenhouse gas emissions reduction targets. Accredited providers must submit VEECs to the ESC for verification and can then trade them on the open market to energy retailers or other businesses with energy efficiency obligations.

The VEU program has been successful in reducing greenhouse gas emissions and lowering energy bills for households and businesses in Victoria. As of September 2021, the program had achieved over 8.5 million tonnes of greenhouse gas emissions savings and had issued over 68 million VEECs.

In addition to reducing greenhouse gas emissions, the VEU program has provided significant economic benefits to Victoria, including job creation and the development of a thriving energy efficiency industry. The program has also helped to raise awareness of energy efficiency and sustainability among households and businesses in Victoria.

Overall, the VEU program is an important initiative for reducing greenhouse gas emissions and improving energy efficiency in Victoria, while also providing financial incentives for households and businesses to make energy-saving upgrades. The program has been successful in achieving its goals and is expected to continue to play a key role in reducing greenhouse gas emissions in Victoria in the coming years.