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The Victorian Energy Efficiency Target (VEET) program will be awarding $200 million worth or renewable energy carbon credits to household energy efficiency improvements.

The VEET programme starts on January 1st, 2009 and will run for 3 years, upon which time it will be renewed for another 3 years.

Credits are everything from insulation, hot water systems to replacing your fridge with a higher efficiency one. The number of credits awarded will be based upon the energy saving of the new equipment over the one it replaces, measured in tonnes of carbon. 1 tonne of carbon equals one credit.

VEET credits will be traded in an open market. Australia's top 1000 companies must purchase or generate enough carbon credits to offset their carbon footprint. A penalty of $40 per credit shortfall will apply.

As of November 2008, important details of the program have yet to be finalized, but assurances have been made that the launch date will remain unchanged.