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An overview of the VEET program

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Travis Jenkin

on 20 August 2013

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Transcript of An overview of the VEET program

VEET Scheme Overview

by Global LEDA - www.globalleda.com.au

An overview of the VEET program
The Victorian Energy Efficiency Target (VEET) scheme is a Victorian Government initiative, known to customers as the Energy Saver Incentive. The program will continue in three-year phases until 1 January 2030.
The purpose of the VEET scheme is to reduce greenhouse gas emissions, encourage the efficient use of electricity and gas, and to encourage investment, employment and technology development in the energy efficiency industry.
The scheme operates by placing responsibility on large energy retailers in Victoria to surrender a certain number of energy efficiency certificates every year. Energy retailers with this responsibility can create certificates, purchase certificates in a competitive market, or both.
Each certificate represents a reduction of one tonne of greenhouse gas and is called a Victorian energy efficiency certificate (VEEC). The present VEEC creation target is 5.4 million VEECs per annum.
General guidelines for claiming VEECs
VEECs may only be claimed for eligible projects once it is complete. The client must submit documents and sign an assignment form to allow Global LEDA to confirm compliance and register certificates.
As a general rule, Global LEDA maintains no specific customer interface apart from documentation provided to us. We may need to contact clients in the event of a project being audited.
Once certificates are registered they are the property of Global LEDA as we take on the risk associated with VEEC creation. Our preferred model for the provision of the certificate value to the client is described below.

Spot price – Global LEDA will quote the price it would buy VEECs at that point in time. Receipt of all documents and the assignment form from the client allows us to create an invoice for the project based on the quoted price and estimated number of VEECs. Global LEDA undertakes to provide payment to our clients within ten business days of the receipt of all complying documentation.  
N.B. VEECs can be created up to six months after the end of the year that the upgrade was completed. If a project was completed on 15 August 2013, VEECs can be created up until 30 June. VEECs expire six years from the date of project completion.
New client and / or activity procedure
For all new clients or new activities for existing clients who wish to apply for VEECs under the VEET Scheme, Global LEDA must first assess suitability of the client’s products and eligible projects. Once this assessment is complete we can then submit products for approval in the VEET Scheme.

For all product approvals Global LEDA will need:
+ Product specification sheets
+ All supporting evidence outlined in VEET product approval guide
Once the assessment and product approvals have been completed Global LEDA will assist the client with the first project creating VEECs. We will guide the client through completing documents and conduct an inspection of the installation. When Global LEDA is satisfied that the client understands the document requirements and responsibilities of the VEET scheme they will be able to complete all requirements by themselves. An Account Manager will be allocated to the client and they will help with any questions and keeping client up-to-date with all changes. The Account Manager will need an appointed staff member as a point of contact to ensure the smooth running of the partnership and VEET Scheme participation.

Project Administration
Global LEDA will provide form templates and guidelines to help with quick and proper completion of project information.
The following documents are an example of what we require for each project:
Assignment form with supporting documents (Global LEDA to provide template)
Installation invoice (including discount given for certificates)
Reflective ceiling plan (before and after if applicable)
Physical light counts
Photos of installation (before and after situation, verifying the lamp and ballast types etc.)
Lux level test report
Decommissioning information
6 step VEET scheme process
Step 1 - Client assessment and project eligibility
Step 2 - Product approval
Step 3 - Assistance with 1st Project
Step 4 - Compliant paperwork submitted to Global LEDA = VEEC's Created
Step 5 - Benefits provided to customer
Step 6 - When Global LEDA is satisfied with compliance reports the client can complete the process independently

For more information visit www.globalleda.com.au
Full transcript