VEU to get an electrification makeover with $5.9m strategic review, 7 May 2024
It’s excellent news that a $5.9 million strategic review of the Victorian Energy Upgrades (VEU) program in the Victorian budget released today has been committed to reset the scheme with an electrification focus to 2030 and likely beyond.
“We congratulate the Victorian Minister for Energy and Resources, Climate Action and the State Electricity Commission and her dedicated team who have advocated for this funding in tight budgetary circumstances in the long-term interests of energy consumers,” said Energy Savings Industry Association (ESIA) President Mr Rod Woolley.
“The ESIA has been advocating for a broader scope review of the VEU to better support Victorians as part of the energy transition and to provide a refresh of settings since the program was legislated and commenced in 2009.
“Today’s announcement sends a clear signal that we have been heard,” said Mr Woolley.
“We understand that the review will develop options to transition the scheme while providing industry with confidence to continue to engage and invest resources in the rapidly growing electrification sector.
“This new scope of work will get under way in tandem with the 2026-2030 target setting process in train. It will be a fine balancing act that the government is committed to firming up during this term of government. We are looking forward to a targeted consultation kicking off soon to bring stakeholders together to discuss next steps,” said Mr Woolley.
Current upfront financial incentives for upgrades through the VEU will be complemented by a top up from the 2024-25 budget, as already committed, to a total funding pool of $37.7 million for hot water rebates accessible for eligible households, up to $1,000, via Solar Homes.
ESIA members are working with energy customers to navigate VEU incentives and other rebates to maximise upfront discounts so more homes and businesses can electrify sooner. Upgrade decisions can be complex and accredited providers APs and accredited product providers under the VEU are leading the way in innovation and commercially viable rollout at scale across Victoria.
… Ends Media contact: Jessica Lynch, M 0417 539 377, comns@esia.asn.au
References: Vic government media release: Helping families drive down energy bills, 7 May 2024,
Vic Budget 2024/25, ESIA Submissions: esia.asn.au
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