Time Running Out to Make Light of Power Bills Under VEET Scheme
Thanks to falling prices and generous government rebates, there’s never been a better time for Victorian businesses to upgrade to energy-efficient lighting.
Eligible businesses can save money on their lighting upgrade costs, reduce their energy bills and help the environment at the same time.
But it’s time to get in quick, as the government rebates are winding down. On February 1, 2018, the Victorian Government will reduce the rebate paid to businesses under the VEET scheme to replace old lighting technology with new energy-efficient LED bulbs.
Explaining the VEET scheme
The Victorian Energy Efficiency Target scheme was set up in 2007 to help households and businesses reduce their energy bills, while at the same time reducing Victoria’s greenhouse gases.
Every upgrade by an accredited technology supplier permits them to generate certificates representing greenhouse gas savings, which they on-sell to Victoria’s energy retailers. For businesses, that means generous subsidies to replace old energy-intensive technologies.
The easiest area for businesses to reduce energy costs is in their lighting. According to Victorian Energy Saver, lighting accounts for up to 25% of energy costs for most businesses.
More light, less heat
According to government figures, replacing incandescent globes, linear fluorescent lamps and halogen downlights with efficient LED (light emitting diode) and CFL (compact fluorescent light) globes can save the average small to medium business up to 80% on lighting bills. For bigger companies, the savings can be in the thousands.
The new technology also:
- Needs less maintenance.
- Generates much less heat, improving comfort over summer and reducing air conditioning costs.
- Improves light quality.
Lighting upgrades typically pay for themselves within 10-16 months, hence the Victorian Government’s decision to divert funds for rebates to other technologies with a longer payback period after February 1, 2018.
The countdown is on
Until then, businesses still have a golden opportunity to take advantage of the scheme. Most upgrades are highly subsidised; some are even free.
ESIC Lighting’s tailored solutions for commercial and industrial premises can provide savings of up to 95% in lighting consumption and an average payback of 14 months.
To learn how energy-efficient lighting can mean big savings for your company, contact us.
Eligible businesses have until February 1, 2018, to maximise benefits under the VEET scheme.