The Australian Federal Government is unlocking $1bn in finance as part of the Household Energy Upgrades Fund with residential strata-titled buildings targeted as part of the program.
The fund is designed for retrofitting of greener homes across Australia, and eligible technologies for upgrades are the technologies that so many strata communities have demand for in their buildings, including:
• Solar PV systems
• Solar water heaters
• Air-conditioning (with a minimum star rating)
• EV charging for residential premises
• Double-glazing / low-e coatings windows
• Energy monitoring / control systems
• Energy efficient pool pumps
• Smart Meters
• Induction cooktops and associated costs with the removal of gas connections
New builds are excluded from the financing, as are ‘high value’ properties, with private rental stock and strata the major two targeted cohorts.
How can this new funding be accessed by strata communities?
The $1bn in new funding will become available from mid2024.
The funding will come in the form of low-interest loans accessed through existing green loans programs and asset finance administered by the Clean Energy Financial Corporation (CEFC).
A win for the strata sector
The focus on strata residential building upgrades is indicative of an encouraging trend by the federal government, especially over the last two years, of recognising the strata sector and its importance as it formulates policies that affect Australians on critical issues.
It takes significant steps towards a realisation of SCA’s calls for a Strata Sustainability Fund through pre-budget submissions, consultation and lobbying efforts in Canberra on behalf of the sector.
SCA has consulted with the teams responsible for the rollout and is a key stakeholder in ongoing consultations about the appropriate ways to roll out to the sector that are occurring between now and the mid-2024 target date.
If you have any questions regarding the program, the rollout, or SCA’s advocacy, please contact Shaun Brockman, National Policy and Advocacy Manager on email@example.com.