If your bank offered you a guaranteed 50% return on your funds, you would probably jump at it, right?

An equivalent or better return is currently on offer as part of the Victorian Energy Efficiency Target (VEET) scheme, which offers a rebate to eligible businesses to replace old lighting technology with new energy-efficient LED bulbs and sensor technology.

Replacing incandescent globes, linear fluorescent lamps and halogen downlights with efficient LED (light emitting diode) and CFL (compact fluorescent light) globes under the LED replacement scheme can save the average small to medium business up to 80% on lighting bills. Bigger companies can potentially save thousands.

How the VEET LED replacement scheme works

Established by the state government in 2007 to help Victorians reduce their energy bills while reducing greenhouse gases, the VEET scheme is being progressively updated to include larger businesses.

Every upgrade by a VEET-accredited technology supplier permits them to generate energy efficiency certificates, which they then on-sell to Victoria’s energy retailers.

For businesses, this means generous subsidies to replace old energy-intensive technologies. Companies can save money on their lighting upgrade costs, reduce their energy bills and reduce their environmental impact.

The returns

According to Victorian Energy Saver, lighting accounts for up to 25% of energy costs for business. Most commercial lighting upgrades pay for themselves within 10-16 months with the savings on energy costs. The VEET rebate means some upgrades are even free.

ESIC Lighting’s tailored solutions for commercial and industrial premises provide savings of up to 95% in lighting consumption and an average payback of 14 months.

Incorporating sensor lights and other smart technology, the new systems also generate much less heat, improve light quality and require less maintenance.

Is your business eligible?

Energy-efficient lighting can mean big savings for your company. Contact us to find out if your business is eligible for Energy Efficiency Certificates under the VEET scheme.