Victorian Energy Efficiency Certificates (VEECs) are created under the Victorian Energy Upgrades program, which the Essential Services Commission (ESC) administers. Each VEEC represents one tonne of CO2-e of abatement, and retailers must surrender them to meet their obligations.
Where the price has been
| Measure | Level, at the time of writing |
|---|---|
| 2026 spot range | roughly $85 to $95 |
| September 2026 (reported) | about $85 to $90 |
| Record this year | near $110 |
There is no official price. It moves with trading, so use these as ranges, and check a current quote before you price a job. Compare it with STCs at roughly $38 to $40 and ESCs at about $29 (reported). See why VEEC prices are so high.
What drives the price
- The size of the annual target and liable entities’ demand to meet it.
- The number of certificates created across activities such as water heating, lighting and heating and cooling.
- Compliance timing, since buying tends to bunch before surrender deadlines.
- Rule changes to activities, which can add or remove supply.
From spot to what you are paid
Spot is a market benchmark. A trader’s published daily rate is what an installer or provider actually receives per VEEC, after the trader’s risk, costs and margin. The difference between rates depends on:
- Settlement speed. Fast settlement costs the buyer more.
- Fees, if any, on top of the rate.
- Volume and relationship.
- Whether claims are pre-checked, which reduces rejections.
Ask for the net per-VEEC figure and the payment timing. Our pricing page shows the published rate and the VEEC trading page explains the process.
Why this matters on a job
On a heat pump job in Victoria the VEEC value can be a large part of the customer’s discount, so a $5 swing in the price shifts the quote materially. A quote that fixes the VEEC price for 30 days gives the customer certainty but exposes you to price moves, so many installers buy or lock a rate with their trader when they issue the quote.
Reading a price chart
A monthly average hides the day-to-day range. A record near $110 and a September range of $85 to $90 can both be true in the same year. When you compare quotes, compare them on the same day, since VEEC prices can move within a week.
What this means for installers
Use spot as a guide and your trader’s rate as your number. Read the VEEC and STC same-job guide, the VEEC pillar and see the answer on VEEC payment timing. When you want a rate for your own volume, start trading.