12 December 2017

Energy Saving Scheme

OVERVIEW

The ESS is a NSW-base energy efficiency scheme which commenced on 1 July 2009. It is legislated to continue until 2020 or until a national scheme with similar objectives is introduced. It's principal objective is to achieve energy savings and to reduce carbon emissions by creating a financial incentive to reduce the consumption of electricity through energy savings activities.

HOW THE SCHEME WORKS FOR BUSINESSES

The Energy Savings Scheme provides financial incentives to businesses for the implementation of energy savings projects.

Those incentives are energy savings certificates for every megawatt hour (MWh) of electricity you save from eligible activities. Businesses work to implement projects with voluntary participants, known as Accredited Certificate Providers (Lowa Lighting), and certificates are created. Energy savings certificates can then be sold to mandatory participants, known as Liable Parties, with prices depending on supply and demand.

THE BENEFITS OF MAKING YOUR BUSINESS MORE ENERGY EFFICIENT

Investment in energy efficiency is one of the most economic ways to reduce your environmental footprint. Efficiency projects that may be marginal on a cost/benefit basis from power savings alone may become attractive with the additional income from energy savings certificates.

VEETS SCHEME

The VEET scheme is a Victorian Government initiative promoted as the Energy Saver Incentive. It commenced on 1 January 2009 and is administered by the Essential Services Commission (ESC). The scheme was established under the Victorian Energy Target Act 2007and is administered in accordance with the Victorian Energy Efficiency Target Regulations 2008.

The VEET scheme is designed to make energy efficiency improvements more affordable, contribute to the reduction of greenhouse gases, and encourage investment, employment and innovation in industries that supply energy efficiency goods and services.

Under the scheme, accredited businesses can offer discounts and special offers on selected energy savings products and appliances installed at homes, businesses or other non-residential premises. The bigger the greenhouse gas reduction, the bigger the potential saving.