Side by side
STC vs VEEC vs ESC vs PRC: what each certificate is and which pays more
In short
STCs are federal, VEECs are Victorian, and ESCs and PRCs are New South Wales instruments. They are not interchangeable and a price per certificate does not tell you what a job pays. At the time of writing VEECs sit well above STCs and PRCs are reported far below.
Four acronyms, three jurisdictions, and one common mistake: reading the highest price per certificate as the best scheme. STCs come from a federal scheme, VEECs from Victoria, and ESCs and PRCs from New South Wales. The question “which pays more” only makes sense once you know which scheme your job is eligible for, because you usually do not get to choose.
What each one is
- STC. Small-scale Technology Certificate, from the federal Small-scale Renewable Energy Scheme run by the Clean Energy Regulator. Created for rooftop solar, batteries and eligible hot water systems.
- VEEC. Victorian Energy Efficiency Certificate, from Victorian Energy Upgrades, run by the Essential Services Commission. Created for approved energy efficiency activities such as heat pump water heaters.
- ESC. Energy Savings Certificate, from the NSW Energy Savings Scheme. Relates to energy saved by an upgrade.
- PRC. Peak Reduction Certificate, from the NSW Peak Demand Reduction Scheme. Relates to reducing electricity demand at peak times, including battery and demand response activities.
Side by side
| STC | VEEC | ESC | PRC | |
|---|---|---|---|---|
| Jurisdiction | Federal | Victoria | NSW | NSW |
| Measures | Deemed renewable generation or displaced energy | Greenhouse gas abatement | Energy saved | Peak demand reduction |
| Who creates them | Installers or assignees via the REC Registry | Accredited persons and providers | Accredited Certificate Providers | Accredited Certificate Providers |
| Recent price (at time of writing) | Roughly $38 to $40 | Roughly $85 to $95 in 2026 (reported about $85 to $90 in September) | Not quoted here; check a live source | Reported about $3 |
| Buyers | Liable entities, mostly electricity retailers | Victorian liable energy retailers | NSW scheme participants | NSW scheme participants |
The reported figures above are the market range we have seen in 2026 and can change at any time.
Reading price correctly
A VEEC at $90 sounds like two STCs. But a Victorian heat pump job earns VEECs based on the activity rules and the product, and a solar job earns STCs based on kW, zone and deeming years. These are different jobs. Where one job qualifies for more than one scheme, our VEECs and STCs on the same job article explains how the two relate.
NSW adds a wrinkle. A low PRC price does not mean the NSW scheme is poor value for a given activity; the number of PRCs created per activity and the way the discount is passed to the customer are what the installer sees. The NSW schemes also work through Accredited Certificate Providers, so many NSW installers never touch the certificates themselves. See accreditation compared.
Which one fits your work
- Solar, batteries, hot water anywhere in Australia: STCs, and for Victoria and NSW the state schemes may add further certificates. Start at /stc-trading/.
- Victorian efficiency upgrades: VEECs. See /veec-trading/ and the VEEC pillar.
- NSW upgrades: ESCs and PRCs through an accredited provider. See /escs-prcs/.
For how Victoria and New South Wales run their schemes, see NSW ESS vs Victorian VEU, and for the federal certificates on one page, STC vs LGC vs VEEC.
A practical example
A Victorian installer swapping a failed electric storage tank for a heat pump water heater is working in a world of VEECs, with STCs potentially in play as well. A NSW installer doing a similar job may deal with an accredited certificate provider and NSW certificates, and the STC layer sits beneath it. A Queensland installer has STCs and no state certificate to consider for that job. Same product, three different certificate maps. That is why generic advice about which certificate pays more tends to fail: it ignores the state of the install and the activity. Start from your state and your activity, list the certificates that apply, and then ask the provider what you receive for each.
A fair verdict
At the time of writing, VEECs have the highest recent price of the four and PRCs the lowest reported. That is context, not advice. The right scheme is the one your job qualifies for, and the right comparison is net dollars per job after any discount passed to the customer. Check the scheme administrator’s page for each program before relying on any figure here, and use /pricing/ for current STC rates. Our certificate trading glossary explains the acronyms.
How we wrote this. Energy Merchants is a certificate trader, so we have a horse in this race. Statements about other providers are taken from their own public websites on the date shown above and are attributed. If something here is out of date, tell the desk and we will fix it.
Sources: NSW Energy Sustainability Schemes: Peak Demand Reduction Scheme · NSW Energy Sustainability Schemes · Essential Services Commission: Victorian Energy Upgrades · Clean Energy Regulator: Small-scale Renewable Energy Scheme
Questions
Before you decide
Which pays more, a VEEC, an ESC or a PRC?
What is the difference between an ESC and a PRC?
Can I trade VEECs and ESCs with the same buyer?
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