Market Update | 16 February

• VEEC market dips, ESC market remains soft with large oversupply, ACCUs trade higher and LGCs see correction following the surrender deadline
• National DCCEEW Energy Audit Grant to Open Thursday 22nd
• Refrigerated Display Cabinet Reintegration into the Victorian Energy Upgrades Program
• Battery Program Launched in QLD for 2,000 Households

In this week’s certificate markets, VEECs saw a sharp drop from their previously held spot at $96.00 down to $93.50 by the weeks end. LGCs saw corrections through the forward vintages following rises prior to the surrender deadline on February 14th, and PRCs marginally recovered after trading down to a new low at $1.00 late last week. STCs remained steady in the spot with low volumes transacting, while ACCUs traded heavily in both generic and stratified spot markets edging premiums up. On a broader front, this week’s most topical industry news is reviewed below.

National DCCEEW Energy Audit Grant to Open Thursday 22nd

Recently DCCEEW (National Department of Climate Change, Energy, the Environment and Water) released a new Energy Efficiency Grant for small and medium enterprises. The grant may be applied for from 22/02 to 27/02. Should you wish to explore the grant or liability criteria for your site please contact us directly in the coming week. 

Funding Pool: $41.2 Million

Value: $10,000-$25,000 per application

Eligible Activities:

1. Energy Audit (aligned with Australian Standards)
2. Energy Monitoring Systems
3. Technology Upgrades such as lighting, heat pumps, building envelope, and HVAC 

Assessment Timeframe: 4 Weeks

Upgrade Timeframe: Project Completion by March 2025

Refrigerated Display Cabinet Reintegration into the Victorian Energy Upgrades Program

Following the VEU’s recent consultation release in 2023, a response has been published with the RDC activity anticipated to be relaunched by 01 July 2024. To ensure further control of the program, limiting the vast integrity concerns of its first round, the following requirements are proposed: 

• Minimum copayment of $500 per unit 
• Incentive split between new and retrofit installs
• Excluding low-efficiency, four-sided display products 
• Additional food safety checks for some units

The following requirements were not implemented as a result of stakeholder feedback: 

• Warranty requirements 
• Limits on the number of units that can be installed in a single premises 
• Exclusion of low-volume products 
• Business eligibility requirements 

Battery Program Launched in QLD for 2,000 Households 

This Monday the Queensland Government announced a battery rebate of up to $4,000 for residential properties, called the ‘Battery Booster Program’. Homes must have a new or existing solar PV array above 5kW, and purchase a battery with a capacity over 6kWh. Eligibility is means-tested for households with a combined annual income below $180,000 per annum. The rebate is granted through an application process once the system is installed, and is paid through a cash-back method. The program follows the Queensland Government’s historical  

At Ecovantage, we consistently analyse market activity, policy changes, consultation releases, and creation rates in conjunction with wider landscape activity. This allows us to keep our clients at the forefront of all relevant changes, and to leverage the advantage that this presents. Thank you for your continued support, and please reach out if you have any general or project-specific questions.