CEFC supports renewable energy access for apartment residents with $25 million investment
Funding to increase solar, battery, and EV charger installations in multi-tenant buildings across Australia.
Australians living in apartments, aged care facilities, and other multi-tenant sites will soon find it easier to access renewable energy, thanks to a $25 million investment from the Clean Energy Finance Corporation (CEFC). The funding supports Energy Locals, a renewable energy retailer focused on simplifying the transition to cleaner energy for shared residential and commercial spaces.
The investment, made alongside Palisade Impact, will be used to roll out solar panels, battery storage, heat pumps, and electric vehicle chargers. Energy Locals will manage the financing and operation of energy systems for apartment buildings, offering tenants access to shared renewable infrastructure and wholesale energy prices.
The CEFC investment comes from its Powering Australia Technology Fund, which focuses on supporting rapidly growing technology businesses. As rooftop solar installations nationwide approach 25 GW, this new initiative is expected to contribute to the continued growth of renewable energy infrastructure in urban areas.
Energy Locals CEO Adrian Merrick welcomed the support, stating: “We welcome the support of the CEFC and Palisade Impact. Their strength, experience and focus on positive outcomes for customers will enable us to deliver more renewable energy-based solutions for people who seek simplicity in a complex market.”
Multi-tenant buildings have traditionally faced challenges in adopting renewable energy solutions due to the complexities of ownership structures. Energy Locals’ approach tackles this issue by providing upfront funding for infrastructure and managing billing and maintenance for tenants. The initiative aims to enable renters and strata residents to benefit from renewable energy, helping them lower their energy costs and emissions.
CEFC CEO Ian Learmonth explained, “This investment will help put more renewable energy into the hands of more Australians. It targets a section of the community which has previously struggled to share in the benefits of renewable energy generation and storage and empowers them to lower their carbon emissions and energy use.”
In addition to supporting apartments, the program seeks to expand access to retirement villages and other shared residential facilities, addressing an area of Australia’s energy transition that has often been overlooked.
According to Malcolm Thornton, CEFC’s Head of Impact Capital, “By accelerating the uptake of renewable energy technologies, more green electricity can be delivered to hundreds of apartments and thousands of tenants who would not otherwise be able to participate fully in the energy transition.”
Research from the University of New South Wales estimates 45.8 GW of potential solar capacity remains untapped in residential and apartment buildings across Australia. Of this, approximately 3.3 GW could come from apartment blocks, representing a major opportunity to extend solar access to the 16% of Australians living in strata schemes and millions in apartments.
