“Investing in lasting improvements also makes business sense as it can increase property values while lowering operating costs, making the property more attractive to long-term tenants and potential buyers. “
Buildings account for around 50% of electricity consumption in Australia and almost a quarter of emissions **. According to the International Energy Agency, buildings offer one of the greatest opportunities for low-cost carbon reduction in developed countries like Australia.
Magali Wardle, Head of Market Development at NABERS, said: “CBA and NABERS have worked together to design this offering that encourages building upgrades that will result in real and measurable sustainability results. We are excited about the potential of NABERS datasets to partner with a sustainable loan product that could have a positive long-term impact on emissions reductions.
“With over 60% of commercial office buildings currently having a NABERS energy rating below 5 stars, this loan has great potential for buildings to make significant energy efficiency improvements,” said Morgan. .
“We understand that this is a difficult time with some buildings experiencing reduced foot traffic or less occupancy, however, for some businesses it has become a great time to undertake building upgrades and property improvements and we have already seen strong demand, ”Ms. Morgan said.
“We encourage new and existing customers to talk to us and see if a sustainability upgrade might be right for them. Depending on their situation and location, new green credentials could also make them eligible for other incentives such as instant write-off of federal government assets or various state-based energy upgrade programs.
Qualifying upgrades include:
- Energy-efficient lighting;
- Green and smart building management systems;
- Energy efficient elevators and escalators;
- Solar panels and battery storage;
- Heating, ventilation and air conditioning improvements;
- Water recycling systems;
- Upgrading of siding and insulation; and
- Improvements in fenestration efficiency.
The benefits of improving the sustainability of commercial properties include:
- Significantly reduce the operating costs of properties;
- Greater appeal to tenants;
- Reduced sustainability risk factors;
- Potential access to government grants and funding programs (eg, NSW’s Energy Conservation Certificate program); and
- Positive environmental impact.
Today’s announcement sees CBA expanding its product line to help customers reduce their environmental footprint and follows the recent launch of CBA’s green lending to up to 600,000 retail customers.