Energy Locals powers up renewable energy benefits for apartment dwellers
Bringing solar, batteries and more to multi-tenant buildings
More Australians living in apartments are set to benefit from renewable energy as the CEFC and Palisade Impact back embedded network operator Energy Locals to accelerate deployment of clean energy technologies.
$25 million
CEFC commitment
Growth equity
investment strategy
Benefits
apartments
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.Ian LearmonthCEO, CEFC
Our investment
The CEFC has committed $25 million alongside a lead commitment by core-plus infrastructure fund Palisade Impact to enable award-winning green retailer Energy Locals to accelerate the deployment of renewable energy-based solutions infrastructure at multi-tenant sites.
The investment, the first direct growth equity investment made through the CEFC Powering Australia Technology Fund (PATF), will support the rollout of clean energy technologies including solar and battery systems, heat pumps and electric vehicle (EV) chargers across apartments, aged care centres and commercial sites.
Energy Locals was named Green Energy Retailer of the Year for the second year in a row in 2024 by Finder which recognised the company’s continued leadership in environmental sustainability.
The energy retailer and embedded networks business supplies power to homes and businesses with customers accessing fixed wholesale electricity rates through a monthly membership fee. It works with developers to fund the installation and maintenance of market leading technology including solar and battery storage and EV chargers.
OUR IMPACT
Tapping into rooftop potential
Research from the University of New South Wales estimates that there is some 45.8 GW of unrealised potential solar energy at houses and apartments across Australia – equivalent to three times the number of panels currently installed on roofs.1
The same findings suggest that a potential 3.3 GW of solar PV could be installed on Australia’s apartment buildings, unlocking renewable energy access to at least 16 per cent of Australians who live in a strata scheme and approximately 2.5 million people who live in apartments.
Overcoming apartment challenges
The ownership structures of multi-tenant sites such as apartment blocks make it challenging to install and maintain renewable energy generation technology and storage.
Community energy networks help address this by providing upfront finance for the infrastructure and managing the associated billing and maintenance processes.
Energy Locals helps overcome the structural challenges faced by building owners and developers when installing solar, batteries and other energy efficient systems.
As an energy network owner and operator, Energy Locals finances and operates energy infrastructure in multi-tenant buildings, selling electricity and hot water to tenants. The model enables tenants to benefit from shared renewable infrastructure, a shared grid connection and wholesale energy prices.
Supporting fast-growing tech businesses
The PATF growth equity strategy seeks to support fast-growing technology businesses. The investment in Energy Locals provides an opportunity to speed up the deployment of renewable energy infrastructure at scale and power up renewables for more Australians.
Learn more about PATF.
1. UNSW, Rooftop Solar Potential of Australian Housing Stock by Tenure and Dwelling Type, April 2024.
