• • Final call – NSW Commercial lighting
  • SA hot water upgrade GJ allocations confirmed
  • RAA push for expanded energy efficiency ratings for SA homes
  • LGCs downwardward pressure continues… again…
  • VEECs mixed week sees spot price edge up
  • ESCs registrations up, spot price remains static
  • PRCs nudge back
  • ACCUs fall
  • STCs nudge up despite growing clearing house surplus

Final Call for NSW commercial lighting.

The deadline for commercial lighting upgrades under the NSW Energy Savings Scheme is fast approaching, with all projects needing to be fully installed and have ESCs registered by 31 March 2026.

Any partners with compliance paperwork that has not already been provided to Ecovantage are advised to contact the Ecovantage Account Management team immediately.

South Australia confirms hot water upgrade details under the 2026 REPS2.

The Essential Services Commission of South Australia has just published the details relating to the 2026 installation of replacement or upgrade of water heaters for residential and small businesses under activity WH1.

The gigajoule (GJ) calculations, on which the rebate values are based, are unchanged compared with last year. The three best supported activities therefore continue to be replacing existing electric hot water heaters with:

• solar gas water heater – 146 GJ
• solar electric water heater – 129 GJ
• solar gas water heater – 113 GJ

Further details can be found here.

RAA pushes for energy efficiency ratings for SA homes.

The RAA is urging the South Australian Government to mandate the disclosure of energy efficiency ratings for all homes when they are sold or leased. This call comes as 70% of SA’s housing stock predates the minimum efficiency standards introduced in 2003.

RAA CEO Nick Reade highlighted that while new homes must achieve a 7-star rating, the average existing Australian home is only 1.7 stars, which is estimated to cost households an additional $2,000 on their annual heating and cooling costs.

The lack of efficiency information impacts renters, who cannot undertake upgrades, and landlords, who currently lack incentives to invest in improvements. Buyers and renters typically receive no energy efficiency data, even with standard building inspections.

The RAA is also recommending that governments explore additional measures, such as requiring landlords to insulate rental properties and upgrade old appliances. While supporting the Federal Government’s zero-interest loan scheme, they advocate for further financial support, such as instant asset write-offs.

Mr. Reade stressed that SA’s ageing, poorly insulated housing stock results in high energy bills and unsafe indoor temperatures.

Ecovantage has been a strong advocate for the continuation of the SA government’s Retailer Energy Productivity Scheme (REPS), which over the past 5 years has provided financial incentives for SA residents to improve the efficiency of their homes, including insulation, hot water and air-conditioning upgrades.

Weekly Market Update | 23-27 February 2026

Large-Scale Generation Certificates (LGCs)

There was no respite for sellers on the LGC market; after starting the week quietly, the latter part of the week saw further downward pressure on the LGC spot market. On Thursday two 5k parcels traded as low as $3.85, before the week rounded off with a final $10K parcel at $4.00. This represented an 8% decline from the week’s opening.

The forward markets were also active, predominantly on the downside. With more than 300k certificates traded on each of Cal 26 and Cal 27, both vintages finished the week in the red – with Cal 26 slipping back by $0.20 to $4.30 and Cal 27 declining slightly to $4.10.

Trading was much lighter across the longer vintages – with Cal 28, 29 and 30 all finishing the week at $3.50.

Victorian Energy Efficiency Certificates (VEECs)

The VEEC market had a mixed ride across the week, with the spot nudging up by $0.50 to $83.00 on Monday before edging back to $82.75 by week’s end, which was nevertheless a $0.25 improvement week-on-week.

It was a slightly bumpier ride on the forward markets – with April 26 edging back to $83.00 and May 26 also slipping back a little to $82.90. June 26 traded up $1.50 to $83.50, before settling back mid-week to $83.25.There were also small parcels traded in August and December 26, both at $83.00.

Energy Saving Certificates (ESCs)

ESC registrations jumped considerably during the latest week – with 102,958 certificates hitting the registry – substantially higher than the previous few weeks. Just over half these were under the Project Impact Assessment Measurement and Verification (PIAM&V) method.

The expected last minute rush to register commercial lighting certificates has yet to materialise, with just over 7,000 certificates registered under this methodology. Most of the balance for the week, 32,492 were under the HEER methodology.

The spot price remained unchanged at $22.60 during what proved to be a very quiet trading week – with only 50k certificates changing hands across the whole week.

The forward markets were also whisper quiet, with a solitary 20k parcel in May 26 exchanging at $22.90 – a decline of $0.25 on its previous position.

Peak Reduction Certificates (PRCs)

After a quiet, stable start to the week, on Wednesday a 30K trade saw the spot price slip back from $2.95 to $2.92, with a further minor decline on Thursday to $2.91 off the back of a larger 200k parcel.

There was a similar pattern on some of the PRC forward markets, with June, July and September 26 all edging back to $2.91 during the second half of the week.

Australian Carbon Credit Units (ACCUs)

On the ACCU markets the generic spot, No Avoided Deforestation (No Ad) Human-Induced Regeneration (HIR) and all lost ground to close respectively at $36.50 (down $0.40), $36.50 (down $0.35) and $36.45 (down $0.50).

The bulk of activity was across the No Ad market, with 585k certificates trading across the week. While the week had started promisingly, with 240k certificates trading on Monday at $36.90 ,the rest of the week saw the price decline – before rounding off with 15k trading at $36.50.

In contrast the forward markets and method specific markets did not see any activity.

Small-Scale Technology Certificates (STCs)

Despite the STC clearing house surplus expanding to more than 6 million certificates, the STC spot price had a very stable week. Multiple trades occurred throughout the week at a steady $36.60, before a 50K trade on Thursday saw the price nudge up to $39.65.

The forward markets were dormant across the whole week.

Certificates spot prices & graphs available at Market Update >

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.