Noosa-based Team Body Corporate has been awarded the prestigious Strata Community Environmental and Engagement Award, at the 2022-2023 Strata Community Australasia Awards Gala.
They’ve been awarded for their involvement in supporting the Committee as Body Corporate Managers in the outstanding Noosa Lakes Resort Solar Revenue Project.
The Project’s approach was to find a solution for the $2m worth of building defect works, or face a 20 per cent increase on levies, compounding annually for four to five years.
With 94 residential townhouses and a large commercial building, the Body Corporate owns a considerable amount of roof real estate – sufficient to house a mini solar farm – that would not only deliver huge environmental returns but could also deliver economic returns.
The project was a major collaborative undertaking involving the Body Corporate Committee, the Building Manager, the Solar supplier and the Body Corporate Manager to reduce fossil fuel usage and create a first-of-a-kind revenue stream that funded repairs to major building defects and helped paydown a significant Strata Loan.
The novel approach of the Body Corporate becoming an on-seller of electricity on a huge scale to create revenue is what sets this unique project apart.
The Project delivered an economic solution with tremendous environmental benefits. The solar revenue produced ensures that the Body Corporate strata loan for building works is paid back quicker, for less (interest) and without significant levies increases. A huge relief for owners.
The model can be transferred to other Body Corporate communities. It can help Bodies Corporate reduce their environmental impact and give them a sustainable energy solution with an economic return.
Upon receiving the award on behalf of Team Body Corporate owners Andrew and Marianne Davidson, Adelle Sirett from Team Body Corporate said, “This award means so much to us at Team. We pride ourselves in adding and creating value for our clients and the Noosa Lakes Solar Project has been a ground breaker within the strata sector.”
“It’s a great story. The Body Corporate was confronted with $150,000 worth of building defects. As the work progressed a further $2m of latent defects were identified. It was initially thought that their only viable option was to get a strata loan. However, some lateral thinking led to the purchase and installation of a 550kWp solar system which created an additional revenue stream.
“The system generates power to the majority of the lots within the scheme. Impressively it generated more than $100,000 of surplus income in its first year to the body corporate. The payback for the solar system is estimated at 4.5 years, however, importantly it will also enable the body corporate to pay down the further $2m of defects debt for years to come while also managing levies at an affordable level.
“The model is now being rolled out in a number of schemes that Team Body Corporate manage and is receiving a great amount of interest from other committees.
“In Australia, it is inevitable that renewable energy is where the future focus of society is going.
“For Team Body Corporate we are proud of the part we play in our community and are delighted to be doing our bit to make our planet better for our future generations.”
