How does the program work?
Product discounts are granted through the yearly greenhouse gas reduction targets that the Victorian Government has set for our energy retailers.
To meet these targets, energy retailers must buy Victorian Energy Efficiency Certificates that equal the amount of greenhouse gas that has been reduced or prevented from entering our atmosphere.
One certificate equals one tonne of greenhouse gas.
In 2017, we're asking our energy retailers to support actions that reduce greenhouse gasses by 5.9 million tonnes.
By 2020, that target will have increased to 6.5 million tonnes of greenhouse gasses..
To create a certificate, accredited Victorian businesses sell or install Victorian Energy Upgrades-approved products to households and businesses.
These approved products and services awarded a greenhouse gas reduction. The more greenhouse gas that is avoided, the more certificates that can be created.
Accredited businesses are then able to sell these certificates in a free market, where energy retailers purchase these certificates.
Since it is a free market, the value of certificates can fluctuate due to consumer supply and demand rates, just like any other type of market.
The Victorian Energy Upgrades program is governed by the Victorian Energy Efficiency Target Act (2007) and the Victorian Energy Efficiency Target Regulations.
So how does this affect me?
All you need to know is that if you're looking to save on your energy bills, the Victorian Government is providing financial incentives that make it easier and cheaper for you to make smarter product choices for your home or business.
By reducing the amount of energy that we use for everyday activities, we can still enjoy our same lifestyle and we're helping to manage energy cost pressures.
We're all familiar with how greater carbon emissions are changing our climate and the Victorian Government is committed to protecting it now and into the future.
It's just by taking small steps that we can help our families and ourselves to enjoy the health and economic benefits that come with living in a safe, clean environment for now and into the future.
Find out what products are on offer and how to connect with an accredited business near you.
Download a PDF (2.1 MB) of the How it works infographic.