Four certificates are often confused: the STC, the LGC, the VEEC and the NSW ESC. Their prices look wildly different because each measures something different and sits in a different market.
At a glance
| Certificate | Scheme | Recent price (approximate) | Unit |
|---|---|---|---|
| STC | Federal Small-scale Renewable Energy Scheme | roughly $38 to $40 | 1 MWh of deemed generation |
| LGC | Federal Large-scale Renewable Energy Target | roughly $6 to $9 (September 2026) | 1 MWh generated |
| VEEC | Victorian Energy Upgrades | roughly $85 to $95 in 2026 | 1 tCO2-e abated |
| ESC | NSW Energy Savings Scheme | varies, check a broker | 1 MWh energy saved |
Prices are indicative at the time of writing and move daily.
STC versus LGC
Both certificates are renewable electricity certificates under the federal Renewable Energy Target, but they serve different generators. STCs go to small systems and carry a $40 Clearing House ceiling. LGCs go to large power stations and have no price floor or ceiling. LGCs have been oversupplied and cheap in 2026, trading around $6 to $9 in September after a low near $4 in February. We explain the split in STC versus LGC and give a live-ish view in LGC price.
STC versus VEEC
A VEEC is a Victorian certificate for energy efficiency upgrades, such as heat pumps and efficient appliances. Its price is much higher because the Victorian scheme’s targets are demanding, its supply is tight, and the penalty for non-compliance is steep. The VEEC spot market has been roughly $85 to $95 in 2026, with a record near $110. See VEEC price and how the certificates can sit on the same job in VEECs and STCs on the same job.
STC versus ESC
NSW’s Energy Savings Certificates cover efficiency projects under the Energy Savings Scheme, and Peak Reduction Certificates sit under the Peak Demand Reduction Scheme. These have their own supply and demand with no connection to the federal STC ceiling. PRCs have been reported around $3. For ESC pricing, see ESC price and ask a broker for a current quote, as there is no official figure.
Why you cannot compare them directly
Dollar value per certificate is not value per job. A heat pump can earn STCs, VEECs in Victoria or ESCs in NSW, depending on the state and activity, each in different quantities. The dollar total depends on certificate count multiplied by price, not the price alone.
What this means for installers
If you install in Victoria, you may earn both STCs and VEECs on one job; read the heat pump hot water STC explainer and the VEEC trading page. For STC rates, go to the pricing page, and for the basics visit how STC trading works.