- The initiative hopes to reduce energy bills and improve sustainability in the home
- REIA supports the latest edition of Government's Your Home
- Expensive upfront costs, but a better financial outcomes with sustainable homes
The Federal government has released new information for home owners and buyers looking to live more sustainably as part of the Your Home initiative.
Published last week, the latest edition provides updated content on technological advancements in building and design which can cut down on emissions.
Minister for Energy and Emissions Reduction Angus Taylor said, “the updated resource will enable more Australians to reduce their household energy bills, and take voluntary action to improve the sustainability of their home.
“The resource is aimed at empowering homeowners to help them save on energy costs and contribute to Australia’s emissions reduction efforts.”
REIA believes in tools not rules
The Real Estate Institute of Australia (REIA) recently welcomed the new edition of the initiative.
“Consumers need to be given the tools not the rules and make their own choices when it comes to energy policy.”
REIA President, Adrian Kelly
Mr Kelly said, “Mandated energy policies can have adverse and unintended impacts on the property market. With most of Australian’s wealth tied to their house, this is obviously not desirable.”
As Australia’s housing stock ages, some housings and dwellings will need significant investment in order to achieve optimum energy efficiency.
“Government programs that come in and mandate these upgrades be put in place, both in primary residences and rentals, would be far more likely to be successful if these were incentivised, rather than these costs simply worn by households and investors,” Mr Kelly said.
Mr Kelly said, “most people are placing sustainability higher on their list of requirements for property and this in turn sees these properties sell at a premium.”
According to a Low Carbon Living Ltd report in 2019, more energy efficiency homes see a price premium of usually 5% to 10%.
The upfront vs ongoing
According to Your Home the cost of housing has two considerations, including the upfront cost of buying, renovating or building, and its ongoing maintenance cost.
The initiative states how sustainability can increase upfront costs but deliver a better financial outcome in the medium to longer term.
Since the new release, the site features case studies, images and diagrams covering cladding systems, insulation, retrofitting and renovating to improve thermal performance.
The country produced 535.7 million tonnes of carbon dioxide equivalent emissions, according to the most recent National Greenhouse Gas Inventory quarterly update (March 2021).
The highest emitter was electricity, counting for 35% of the total.