The Australian Government is helping commercial building owners and tenants save on energy bills, through new investment from the Clean Energy Finance Corporation (CEFC). The CEFC investment will be managed by real estate investment company, MaxCap Group.
The $75m CEFC initiative is focused on retrofitting commercial properties such as hotels, offices and retail spaces, making them more energy efficient.
A $35m commitment to retrofit an Adelaide office tower is the first project off the block. The 26-storey office building at 30 Pirie Street will see energy upgrades such as solar panels and smart LED lighting.
This will increase the building’s energy rating to 5 stars out of the highest 6-star rating on the NABERS scale.
Australia’s commercial buildings are responsible for around 25% of overall electricity consumption nationally. Energy-efficiency improvements can cut these expenses as well as reducing emissions.
Assistant Minister for Climate Change and Energy Jenny McAllister said, ‘Investments like this one will be critical to decarbonising Australia’s commercial real estate sector.
‘Improving the energy performance of commercial buildings will ease pressure on energy bills and on the grid, all while reducing emissions. Importantly it will also make buildings more comfortable and cheaper to run for tenants.’