Efficiency Vermont is administered by Vermont Energy Investment Corporation (VEIC), an independent non-profit energy services organization under contract to the Vermont Public Service Board. VEIC is a Vermont-based company that has designed and implemented energy efficiency programs throughout Vermont, and in more than twenty states and eight countries since 1986. Efficiency Vermont's work undergoes rigorous review and verification through an independent financial audit, a savings verification process conducted by the Vermont Department of Public Service and by a legislatively-mandated independent audit. Below is a comprehensive list of our oversight activities.
Summary of Efficiency Vermont Oversight Activities Year 2000 through 2008
Type of Oversight | Who Performs It | Who Orders and Oversees It | Frequency | Required by |
Financial audit of Efficiency Vermont activities - to OMB Circular A-133 standards (Audits of States, Local Governments, and Non-profit Organizations) | Independent auditing firm | Efficiency Vermont Contractor (VEIC) | Annually | VEIC, per the Public Service Board (PSB) contract |
Savings verification - review of the past year's EEU energy and capacity savings and Total Resource Benefit claims for PSB certification | Third-party evaluation contractor(s) | Department of Public Service (DPS) | Annually | 30 V.S.A.§209(e)(10) Docket 5980 Order, PSB contract |
Review of financial invoices | Contract Administrator - independent contractor for PSB | Public Service Board | Monthly | Docket 5980 Order, PSB contract |
Financial audit of the Energy Efficiency Utility Fund | Independent auditing firm | Public Service Board | Annually | PSB, VT Auditor's Office |
Independent audit of the energy and capacity savings claims and cost-effectiveness of the Energy Efficiency Utility | Third-party evaluation contractor(s) | Public Service Board | Triennially | 30 V.S.A. §209(e)(12) |
Program evaluation - includes statewide market assessment and baseline studies, savings impact studies (to measure the change in energy and / or demand use attributed to energy efficiency), and other energy efficiency program evaluation activities. | Third-party evaluation contractor(s) | DPS, per PSB-approved plan | Three-year cycle | 30 V.S.A.§209(e)(10) Docket 5980 Order
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