Most homeowners in Australia have never heard of the Victorian Energy Upgrades (VEU) program, but this government-backed initiative could help you reduce your energy consumption and save on your electricity bills each month.
The program is simple and free to use, which makes it one of the most affordable ways to make sure you’re not wasting energy in your home or business. To learn more about VEU and how it could help you cut down on your electricity costs.
What is the VEU?
The Victorian Energy Upgrades (VEU) program will help households in Victoria reduce their energy consumption, and is being jointly run by Sustainability Victoria and Consumer Affairs Victoria. The VEU program allows households to install a range of energy efficiency measures such as insulation, solar panels and solar hot water systems at home.
Households can apply for a loan from $3,000 – $7,000 which is interest-free for up to five years. Repayments on loans are based on your ability to pay, with no up-front costs. For those households struggling financially who do not qualify for a loan payments can be deferred for two years or more if necessary.
What can I claim under the VEU?
The VEU aims to help Victorians save energy and reduce their energy bills through a range of energy efficiency measures. The government offers rebates for approved improvements with no out-of-pocket costs, which include, but are not limited to: ceiling insulation, solid wall insulation, ducted heating systems and hot water systems.
One of the main benefits of VEU is that it has very low out-of-pocket costs and consumers are able to increase their return on investment (ROI) when they install multiple changes at once. For example, if you were looking at installing new ceiling insulation as well as heating system replacement in your home then you would be eligible for a rebate on both items through VEU.
Who is eligible?
VEU is aimed at Victorians with an annual household income of less than $150,000. It’s also important to note that eligibility is based on whether or not you are occupying your property as your principal place of residence. Renters who occupy their premises as their principal place of residence may be eligible.
How much does it cost me?
What’s really great about the VEU program is that it allows you to pay for your energy upgrades over time. By spreading out payments, you get some peace of mind knowing your energy bills won’t increase significantly.
The longer you wait to install efficiency upgrades, however, the more expensive they become (and cheaper solutions may not be available). This also means that if you choose your upgrades quickly, and they are inexpensive, then you might only need a smaller loan—saving both money and hassle in other ways. So think about what types of measures make sense for your home and then come up with a plan!
What happens after I make my claim?
If you’re successful in receiving funding from VEU, any energy-saving works will be carried out by an authorized energy assessor. In some instances, you may have your work carried out by a company you nominate. If your home is valued at less than $1 million and repairs are under $15,000, your quote must be approved before any work commences.
The quotes for larger jobs need only be notified prior to the commencement of work. The upgrades will be covered by a 10-year warranty that can only come into effect if consumers adhere to a number of conditions outlined in their contract.
How do I find out if I am eligible?
To be eligible for funding you must fall into one of these categories – You live in Victoria and have a household income of less than $166,000 per year (for sole-person households). – You are an owner occupier who lives in a rental property where your landlord has agreed to participate in VEU.
The home must be located within metropolitan Melbourne, regional Victoria or on Hoddle Grid (street network) within inner-city Melbourne. – If you are an individual business owner (sole trader) with a taxable income of less than $130,000 per year and employ five or fewer staff.
How do I get started with a FREE quote?
The VEU program is designed to save you money on your energy bills and help you make your home more energy efficient. If you’re looking for ways to reduce your energy usage and save money, start by contacting us for a FREE quote. We’ll send an approved accredited technician straight to your door and ensure that your needs are met right away.
We do all of our work on time, every time so that we can give you peace of mind when we leave; plus, if there are any savings opportunities in another area of your home that we notice while working on an application (e.g., air sealing or window glazing), our technicians will let you know about them immediately before leaving! Start with a free quote from VEU today!