A new apartment complex in Fremantle is set to save residents 50% on their annual strata levies thanks to a landmark renewable energy partnership between Power Ledger and OP Properties.
Montreal Commons, a new five-storey development by OP Properties will be one of the first carbon neutral apartment buildings in Australia and is expected to set a global benchmark for how sustainable apartment design is leveraged to generate a financial incentive. It will use developer-funded 75 kW solar rooftop PVs and local battery storage, topped up with 100% green energy from the grid through local electricity retailer Change Energy. The estimated carbon reduction from the project is about 240 tonnes of carbon per year, or 6 tonnes per apartment.
During the day power produced will be unsold to residents at the normal grid price but at a margin that produced a small income stream for the strata company. During times of peak demand the strata company will then buy back from the local battery storage via local energy supplier Change Energy and on sell to residents at normal grid price. Power Ledger will use blockchain technology to ensure that every energy transaction is accurately tracked, verified as renewable, and transparent.
The combination of developer funded solar, Power Ledger’s trading platform and unique strata ownership model will result in a small revenue stream to the strata company equating to about 50% of strata levies or about $850 per apartment per year. Distributing via the strata company ensures the benefit is equitably spread to all owners regardless of if they are not home during the day or investors with tenants in the dwelling.
Montreal Commons is on track to achieve One Planet Living Recognition, which ensures it meets key principles that support social, environmental and economic sustainability.
Montreal Commons is the second lot to be developed as part of DevelopmentWA’s East Village at Knutsford Mixed-Use Precinct, which is a former industrial site in Fremantle.
The Development Application is currently under assessment by the City of Fremantle with determination by JDAP expected in early December.
For more information about Montreal Commons click here.
OP Properties progression of Montreal Commons coincides with their recent appointment of respected apartment development executive Evan Campbell to the company’s board of directors.
Power Ledger Co-Founder and Executive Chairman Dr Jemma Green was recently featured in the latest edition of The Urbanist as she submitted an opinion piece looking at how households can become the power stations of tomorrow as a way of assisting the electricity grid to deal with fluctuations in power generation and intermittency. To read this opinion piece, click here.