There’s a commercial property solar boom in our cities, with one major player making a solar power investment in 59 office and retail properties nationwide.
No doubt some of this solar success is because commercial property investors now see a clear business case for solar power system installations. The availability of solar is attractive to tenants and for the property owners it can reduce the power costs for common areas of the property.
Full return on solar power investment after 3.5 years
ISPT’s $1.2 million investment in this first stage of a four-stage, four-year solar power plan, is forecast to produce a full return on investment in 3.5 years. The company says its customers and tenants will benefit from lower power bills and greater energy security.
Stage 1 of the project will install 1 MW of solar power generation. This will complement existing grid supplies at 13 ISPT properties.
“We conceived this project in 2016, following a national review of our key property assets in terms of the opportunity to install rooftop solar PV panels,” said ISPT’s Alicia Maynard.
In the second stage of the roll-out, another 20 properties will receive 45,000 square metres of solar PV panels by 2019.
ISPT’s commercial property portfolio has a 4.8-star average rating under the NABERS energy efficiency scheme. The NABERS platform has cut utility costs by $27 million through a range of initiatives in the past decade.
Taking an industry-leading position with solar power
Speaking to the AFR, ISPT Chief Executive Daryl Browning said the solar PV roll out is about taking an industry-leading position. He also said the move will deliver value for tenants, better dividends for investors and better solutions for the environment.
The project blueprint also makes it clear that commerce and solar power go hand in hand. It states: “As the economic viability of clean energy solutions gathers pace, we’re positioning our portfolio at the forefront, embracing this change for the benefit of all.”
So far, ISPT has completed installations at 100 St Georges Terrace in Perth, 7 London Circuit and 18 Marcus Clarke Street in Canberra, and at Central West Shopping Centre in Melbourne.