Switching to renewable energy sources, 64 strata buildings in NSW will change from coal-generated electricity plans to green solar electricity, saving a total of $681,000 annually and up to $60,000 per building.

The news comes in a three-year energy agreement which was brokered exclusively for strata management provider Dynamic Property Services and its parent company PICA Group.

Examples of Sydney strata buildings that will make savings after they switch from their existing energy plans include: a 217-apartment residential building that will reduce its energy bill by an estimated $59,000 annually, a 339-apartment residential building that will save about $36,000 per year, a 26-lot commercial building that will save an estimated $40,000 per year and a Sydney building management committee that will save about $48,000 per year.

On top of the cost saving, the new plan will bring significant carbon-emission reductions and sources 100% green solar electricity from two NSW solar farms. It could also include other renewable energy sources like wind, hydrogen, battery storage and utility-scale renewables across the National Electricity Market.

“Owners corporations are becoming increasingly aware of carbon emissions and are motivated to reduce the footprint of their buildings. This has certainly been the case among PICA Group customers, whose strata committees we have been working with to reduce costs via NABERS for Apartment Buildings assessments and in key areas such as energy, HVAC and water,” PICA Group chief executive Wayne Walker says.

“The complexity of retail energy deals present challenges for individual strata schemes to obtain competitive offers. With more than 100,000 lots under management in NSW, PICA Group was able to use its size and presence to negotiate the lowest energy rates in the industry. It is the first time a collective of strata buildings has signed up to a 100% green solar electricity agreement with lower rates than any coal-based offer.”

Renewable energy is quickly becoming the most affordable energy option in NSW after the government announced it will work towards replacing all coal-fired power plants with renewable energy by 2042.