Under the VEET scheme, businesses and households can receive VEECs for undertaking approved energy-saving activities, such as installing Solar panels, energy-efficient lighting, or upgrading to more efficient appliances. These VEECs can then be sold to energy retailers, who are required to purchase a certain number of certificates each year to meet their compliance obligations under the scheme.
By creating a market for VEECs, the scheme helps to drive investment in energy efficiency measures and reduce greenhouse gas emissions. This not only benefits the environment but also helps consumers save money on their energy bills.
Overall, VEECs play a crucial role in incentivizing energy efficiency upgrades and promoting the adoption of renewable energy technologies like Solar power. They make it more affordable for businesses and households to invest in clean energy solutions and contribute to a more sustainable future.
