How energy efficient is your commercial property? In light of recent concerns about rising energy costs and climate change, energy efficiency is all the rage when it comes to commercial real estate in Sydney and other capital cities. Meanwhile, the Federal Government is planning to debut its Building Energy Efficiency Disclosure Bill 2010 that will require owners to disclose their building's energy efficiency ratings with a Building Energy Efficiency Certificate (BEEC). Those owners that fail to disclose their ratings could face fines as much as $110,000.
So if you're looking to buy or lease commercial property, you'll need to know what to expect. Learn what a BEEC is and what information a certificate includes.
What is a BEEC?
A BEEC will have three components: an official energy efficiency star rating for the office building as assessed by the National Australian Built Environment Rating System (NABERS); information about the energy efficiency of the office lighting; and generic guidance on how the energy efficiency of the office may be improved.
An online registry will make BEECs available for viewing by potential lessees, purchasers and other registered parties of interest. The applicable energy efficiency star rating will also need to be disclosed in any advertisement for the sale, lease or sublease of the office space.
Who is responsible?
A BEEC will need to be obtained for any commercial property owner with over 2000 sqm of lettable space. New buildings will be exempt from the scheme until they acquire sufficient historical data to demonstrate its energy efficient performance and obtain a rating.
A sample of a BEEC is available from Property Australia. Property owners can learn more and stay up to date on the development of the process by visiting the government website:
http://www.environment.gov.au/sustainability/energyefficiency/buildings/index.html
The government anticipates rolling out the scheme in mid 2010, depending on the legislative process.
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