$35 million to retrofit Adelaide office with better energy efficiency

The Albanese Government is helping commercial buildings across Australia save energy and save on bills, thanks to new investment from the Clean Energy Finance Corporation (CEFC).

A $35 million commitment to retrofit an Adelaide office tower is the first from a new CEFC $75 million investment package. The package is focussed on retrofitting commercial properties, such as hotels, offices, and retail spaces, making them more energy efficient and cheaper to run, all while reducing emissions.

The 26-storey office building at 30 Pirie Street will see energy upgrades such as solar panels and smart LED lighting.

This will increase the building’s energy rating to 5 stars out of the highest 6-star rating (NABERS).

Currently, Australia’s commercial buildings are responsible for around 24% of overall electricity use and 10% of total carbon emissions nationally. But only 56% of commercial offices even know how energy efficient their buildings are, and evidence shows that if they do it can lead to energy reductions of over 40%.

Assistant Minister for Climate Change and Energy Jenny McAllister said, “healthy buildings are productive buildings. Investments like this one will be critical to decarbonising Australia’s commercial real estate sector.

“We lost a decade to inaction on electrification and energy efficiency under the former Coalition Government. We won’t waste another day.

“This project is just another example of the Albanese Government investing in upgrades that help decarbonise while also putting downward pressure on bills for businesses and consumers.

“Improving the energy performance of commercial buildings will ease pressure on energy bills and on the grid, all while reducing emissions. Importantly it will also make buildings more comfortable and cheaper to run for tenants.

“The Albanese Government is working with the CEFC to drive investment in energy performance, futureproof our commercial buildings, and make every watt count.”