Sustainability initiatives in construction can be a variety of different things from passive initiatives such as double-glazing, water recycling and solar panels to more experimental methods utilising new technology. Whatever the combination, they all work to increase the energy-efficiency of the building and reduce the carbon footprint of its energy consumption. But why should that be important to developers who’s real interest lie in the profitability?
1) Increase Longevity Of The Development
While using a few recycled materials in your build is a good first step, to really make your building sustainable requires a little more planning and willingness to have an impact on the overall building once it is completed. Sustainable buildings contribute to a broader positive impact on the environment, community and even the economy – for the duration of the life’s structure and beyond. Applying this mindset to your projects automatically begins to future-proof your development and help keep it relevant for longer.
2) Making A Return On Investment
Although the initial lay-out cost may seem high, many sustainable initiatives are built to run efficiently and effectively; meaning you’ll make back the money you save on operating costs later down the road. Common examples for these passive initiatives could be solar farm integration on the roof of a multi-residential building to power common areas of the building like foyer and basement lighting. Other multi-res developments have water storage tanks contained in the basement that recycles water for toilet flushing or plant irrigation. Simply put, the cost of the product and their installation will be paid back by the costs they are saving you in electricity and water.
3) Reduce Owner’s Corporation Fees
Once you have broken even on the lay-out costs of installing the sustainability features, anything else after the fact will be saving you money. This reduces the operating costs of the building which in turn can be advertised to reduce Owner’s Corporation fees, making it a tantalising option for residents looking to buy.
4) Showing Leadership & Initiative In The Industry
It’s not always about maximising 100% of potential in your development. To be recognised as a major player in the development industry these days, developers need to show a conscientious effort to integrate sustainable initiatives into their projects, demonstrating that they are thinking about life into the future and are considering their impact on the environment for years to come.
