Australian clean energy first
Mirvac and the Clean Energy Finance Corporation are embedding clean energy initiatives into three new masterplanned communities, delivering built-in solar and battery storage in Sydney and Brisbane.
The CEFC is committing up to $90 million in debt finance as part of Mirvac’s broader financing of the masterplanned communities, which are subject to final development approval.
The communities will include more than 300 three and four-bedroom homes, each with solar and battery storage systems, as well as high-grade insulation, LED lighting and energy efficient appliances.
The 5.1kW rooftop solar systems, paired with 10kWh battery systems, will meet up to 90 per cent of a typical household’s energy consumption.
According to CEFC’s chief executive officer, Ian Learmonth, the finance will deliver clean energy technology at no additional cost to the home buyer.
Residential buildings account for roughly half of all emissions produced across Australia’s built environment. However, home owners are increasingly switching to clean energy technologies.
The Clean Energy Regulator registered a surge in new residential solar panels in 2017, with an average 9,0 rooftop panels installed every day.
According to Bloomberg New Energy Finance, Australians invested in more than 1GW of new rooftop solar in 2017 – adding the equivalent of a small-scale coal fired power station to the nation’s energy supply.
Home battery installations also increased substantially, with 3,147 systems installed in 2017.
However, only 18 per cent of Australian homes have rooftop solar, and just 0.1 per cent battery storage.
CEFC’s property sector lead Chris Wade says a “key part” of the investment involves working with Mirvac to monitor energy use and track energy savings, “so we can share insights into the positive impacts of these technologies on day-to-day energy consumption”.
The CEFC plans to invest $1 billion in clean energy initiatives in Australian cities over 10 years.
Mirvac will provide further project details as the planning approvals are finalised across the masterplanned communities. Construction is expected to commence later in 2018, subject to planning approvals, with the first homes ready for purchase and occupation by late 2019.