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Energy efficiency and Renewable Energy schemes have been implemented by national and state governments to reduce greenhouse gas emissions and encourage the take-up of renewable energy.
Entities, mostly large electricity retailers, pay for the programs to run by purchasing energy savings/renewable certificates representing energy savings created through initiatives such as solar power, lighting changeovers and hot water upgrades.
South Australia: REPS
Retailer Energy Productivity Scheme
Victoria: VEEC
Victorian Energy Efficiency Certificates
New South Wales: ESC
Energy Saving Certificates
National: LGC
Large Scale (Renewable) Certificates
National: STC
Small Scale (Renewable) Certificates
National: ACCU
Australian Carbon Credit Units
Certificate Monetisation
Most certificates are traded on an open market, much like a stock market, by an accredited partner such as Ecovantage. The large energy retailers buy the certificates and the financial incentive is returned to the business or household either an as upfront discount or delayed cash benefit.
REPS certificates are not an open market and are negotiated between the accredited parties (Ecovantage) and energy retailers in large batches at the beginning of each year. ACCUs and LGCs can also be surrendered by the creator as part of carbon abated (as seen below).
Monetisation
If you monetise certificates you will receive a financial rebate under your state or federal scheme when the certificates are traded.
This gives you an immediate financial gain, often used to offset the cost of the energy efficiency or renewable project.
Carbon Credit Surrender
If you are part of a large organisation that has a baseline emissions target, you can purchase and surrender ACCU or LGC certificates to reduce your net emissions.
You can also surrender certificates to count towards your organisation achieving carbon neutrality.
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