VEU program saves Victorians $3 billion in power bills

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The Victorian Government says Victorian households and businesses have saved more than $3 billion on their power bills over the past 11 years through the Victorian Energy Upgrades (VEU) program.

The VEU program helps cut power bills and reduce greenhouse gas emissions by giving households and businesses access to discounted energy-efficient products and services.

Accredited providers can assist in installing a variety of energy-saving products including lighting, water heaters, heating and cooling systems, televisions and fridges.

Households can save on average $110 a year on their energy bills while the average business can save $3700. That figure can run into the hundreds of thousands for larger businesses depending on their upgrades.

Upgrading from inefficient appliances is an ideal way for Victorians to take control of their energy bills and keep the cost down during extreme temperatures in summer and winter.

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This year alone, Victorian households and businesses will save more than $600 million on their energy bills due to upgrades installed under the VEU program.

Over the last 11 years, 1.8 million households and 100,000 businesses have undertaken energy-saving upgrades, leading to record savings.

The program also generates a Victorian Energy Efficiency Certificate for each upgrade, which represents one tonne of greenhouse gas emissions reduced. Large energy retailers are required to surrender these certificates to offset the volume of electricity and gas they sell.

Since the VEU was brought in, greenhouse gas emissions have been reduced by 52 million tonnes, equal to planting more than three million trees.

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Victorian Minister for Energy, Environment and Climate Change Lily D ’Ambrosio said doing something as simple as installing energy efficient lights can make a big difference to power bills and this program makes it easier and cheaper to do.

“Making your home more energy efficient creates jobs, reduces emissions and cuts energy bills,” she said.

“I encourage all Victorians to take a look at this program and join in the benefits already being enjoyed by 1.8 million households.”