The Victorian Government has confirmed its commitment to a sustainable economy by announcing ambitious energy efficiency targets for the next five years. These targets, which form part of the Victorian Energy Efficiency Target Scheme, incentivise further investment in new energy technology and clean energy jobs. They also deliver cuts to household energy bills and reduce greenhouse gas emissions by 30 million tones.

The Government extended the next phase of the scheme from 3 years to 5 years, providing more certainty to industry. The government also ramped up the target by 20 per cent over 5 years, from 5.4 million certificates in 2016 to 6.5 million certificates in 2020.

The VEET announcement was made at Victoria’s first Energy Efficiency and Productivity Summit, which brought together more than 200 manufacturers, energy efficiency businesses, the building and property sectors, local governments, energy retailers, environmental groups and energy consumers.

Resolutions from the Summit will help inform the Government’s development of its Energy Efficiency and Productivity Strategy. The Strategy, which is due for release later this year, will establish a tangible work program aimed at improving energy affordability, creating jobs and delivering a sustainable economy.

The Energy Efficiency Council welcomed the expansion of the VEET, noting that “the scheme will create jobs in Victoria and help homes and businesses save energy. The scheme makes it cheaper for homes to cut drafts and install efficient lights, heating systems and appliances.”

Read more about the VEET and Energy Efficiency and Productivity Summit here.

Read the Energy Efficiency Council media release here.