Two all-electric, fully renewable energy powered apartment buildings will be built in Sydney’s Hill Shire, in the city’s outer north west, backed by an $80 million loan by the federal government’s green bank.
In the latest of a series of investments targeting residential energy efficiency and electrification, the loan from the Clean Energy Finance Corporation will help fund the $1 billion Norwest Quarter development being built by Mulpha Australia.
The dual towers will deliver 196 net zero-ready apartments in stage one, and will be fully powered by renewable energy, and fitted out with all-electric, “high-performing” appliances.
Other features of the apartments will include waste management initiatives like rainwater tanks and onsite organic waste treatment. All up, residents are expected to use half the electricity and a one third less water than those living in a comparable development.
”We want more Australians to have access to homes that are more comfortable and cheaper run, all while reducing emissions,” said federal assistant minister for climate and energy Jenny McAllister, on Friday.
The CEFC funding is part of a push to provide more energy efficient housing – a well overdue federal government focus that addresses a number of major policy fronts in one go
Australian homes and apartments are responsible for around 23% of the nation’s overall electricity use and 11% of total carbon emissions, so building new dwellings that are less power hungry, cheaper to run and more comfortable to live in makes a great deal of sense.
Recently, the minimum requirement for new houses and apartments in Australia was increased from 6 to 7 stars, in a bid to raise the woeful energy and thermal efficiency standards of the country’s existing housing stock.
But for the currently struggling building sector in Australia, the government clearly feels financial support is also warranted to support a higher standard of energy efficiency in much needed new-build homes and apartments.
Earlier this week the CEFC announced an extra $7 million dollars for increased energy efficiency in a “build-to-rent” apartments venture by property developer Mirvac.
This adds to the $68 million already announced for the $1.8 billion project, which is building apartments at a minimum of 7.5 stars on the Nationwide House Energy Rating Scheme (NatHERS) in Melboure, Sydney and Brisbane.
On the policy and regulation front, the Albanese government is also investing $15.2 million to develop a Commonwealth-led National Energy Performance Strategy – a national plan to accelerate demand-side action, including energy efficiency and electrification.
“The National Energy Performance Strategy will help households and businesses make every watt count, focusing on easing pressure on energy bills, improving energy reliability and reducing emissions,” said McAllister.
