Andrews Labor government is all about energy efficiency
Premier Daniel Andrews intends to retain jobs and reduce cost of living expenses by announcing that Labor will retain the Victorian Energy Efficiency Target (VEET) beyond 2015.
Energy and Resources Minister Lily D’Ambrosio announced that the scheme would be saved following a pre-election commitment from former Premier Denis Napthine to sunset the program before next year.
“Energy efficiency is one of the best ways for homes and businesses to reduce bills and greenhouse gas emissions,” said Ms D’Ambrosio.
In 2015 the VEET scheme aims to generate 5.4 million Victorian energy efficiency certificates, created by the sale and installation of efficient household technologies like LED lighting, insulation and highly efficient appliances including heating, cooling and even TVs.
Each certificate represents one tonne of greenhouse gas emissions that the environment will be spared.
“We are retaining the VEET scheme, helping Victorians reduce their energy bills and creating more Victorian jobs,” said Ms D’Ambrosio.
Denis Napthine announced his decision to wind-down the VEET scheme last year before revealing his modelling, which was then thoroughly scrutinised.
In July 2014 a report by modelling consultancy Jacobs claimed the former state government had underestimated the scheme’s savings potential, failed to factor the long term savings of energy efficiency and ignored the substantial financial benefits that reducing greenhouse has emissions offer.
“When we re-did their modelling we found that VEET would deliver significant benefits to the whole state,” said Energy Efficiency Council chief executive Rob Murray-Leach.
A review of the VEET scheme will be conducted by the government within the next six months. Although the most recent federal review of the renewable energy target set out to reduce and weaken the industry, the Victorian counter-part will mostly focus on strengthening the strengthening the scheme to ensure it’s success in years in the come.
Although funding the program represents a short-term cost to the government it is far out-weighed by the benefits that reducing electricity consumption offers in the medium and long term.
