Landlords will be made to disclose buildings' energy efficiency
New laws will require landlords of all property assets to disclose the energy efficiency levels of buildings and - if deemed necessary - make essential upgrades in order to comply with the legal changes.
The Commercial Building Disclosure Program comes into effect from Melbourne Cup Tuesday (November 1), with owners of property larger than 200 square metres needing to provide a Building Energy Efficiency Certificate (BEEC).
Older structures are likely to be most affected, as new leases will not be granted unless they make appropriate improvements and meet specific green star ratings.
Within five years, properties currently considered to be premium grade will fall into the low energy efficiency category unless given a makeover, according to Jones Lang LaSalle director of sustainability Joel Quintal.
"I believe that given government commitment to lease only rated assets, the private sector will follow suit," Quintal told The Sydney Morning Herald today (October 26).
He added: "The BEEC will tell you how efficient the building is, which will have an impact on operating budgets."
This initiative may provide SME directors - who rent office spaces or run their business from older buildings - with more open knowledge about the breakdown of their electricity bills.
A switching service has the ability to research the specifics of a building or region, in order to compare electricity rates for the tenants and help them save as much as possible.
Posted by Charlie Moore