Labor Party support for the Victorian Energy Efficiency Target (VEET) scheme is good news for business. It equates to reduced overhead costs, higher profit margins and ultimately helps keep jobs in Victoria.
In August, 2014, Labor committed to keeping the VEET scheme running and maintaining the 2015 target. The continuity of the scheme, which under the Liberal government would have closed in 2015, is an enormous opportunity for businesses to lower energy usage and reduce overhead costs. The incentives offered under VEET ensure an attractive payback period for this investment.
The VEET scheme operates in both the residential and commercial sectors. Since its inception in January 2009, the scheme has been hugely successful: helping over a million Victorian householders become more energy efficient and save money through real, concrete action.
In 2013, the scheme was extended to include energy efficiency incentives for commercial lighting upgrades. Many Victorian businesses have already upgraded to energy efficient lighting and are enjoying the associated cost savings. Others however, are yet to realise this opportunity.
With the future of the VEET scheme now secure, these businesses can incorporate energy efficiency upgrades into their plans for 2015 and reap the rewards for many years to come.