VEEC prices have moved a long way from where they started. At the time of writing, the market has been roughly $85 to $95, with a record near $110 earlier this year. That is well above the STC market of about $38 to $40, because the VEEC market works differently.
What a VEEC is
A Victorian Energy Efficiency Certificate represents one tonne of greenhouse gas emissions avoided through an approved upgrade, such as an efficient heating and cooling system. The scheme is called Victorian Energy Upgrades and is run by the Essential Services Commission. Energy retailers must surrender VEECs to meet targets, which creates demand.
What drives the price
- Targets. Higher energy saving targets increase demand.
- Supply. More certificates created lowers the price, fewer raises it.
- Surplus or shortfall. Retailers bridging a gap bid up the market.
- Policy. Changes to activities or rules can shift expectations.
There is no fixed ceiling like the $40 on STCs, so the price can swing more widely.
What you receive
As with STCs, the price an installer receives is not the headline spot. A trader pays a rate set below the market, and what lands in your account depends on that rate, the fees and how fast you are paid. If you are comparing traders, apply the same scorecard you would use for STCs. See VEEC trader.
What this means for you
If you are an installer, check the live rate on the pricing page, and read the VEEC trading pillar for how a claim becomes a payment. Homeowners may see the VEEC value show up as a discount on eligible upgrades; our VEU air conditioning rebate guide explains that. For jobs that earn both certificate types, see VEECs and STCs on the same job.
For anyone watching the market, a useful rule is to track the trend rather than any single day. A rising price over several weeks signals tight supply or heavy retailer demand, while a falling one often follows a burst of certificate creation. Neither tells you what will happen next, but both tell you whether now is a good time to renegotiate your terms.