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The market for commercial real estate is exploding and solar energy is being used in record numbers in Australia.
Commercial real estate developers are buying up property and putting up solar PV systems to help offset their costs of building their homes.
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Commercial realtor project solar PV is being installed in Melbourne, Sydney, Brisbane, Adelaide, Perth and Hobart, according to data from commercial realestate research firm Zillow.
“The trend for solar PV installations in the last year or so has been quite extraordinary, and is showing no sign of slowing down,” says Andrew Schmitz, the head of Zillower’s residential real estate unit.
“It’s really interesting to see a large amount of development happening in the market and a lot of residential realtors are getting in on the act.”
Solar PV systems are available to the public, but they are generally priced too high to sell for a profit.
The average price of a commercial solar PV project is $1.5 million, according a Zillows report.
But commercial realtor projects have a much lower cost per unit than the average commercial project.
The commercial solar project is generally a smaller residential project and typically costs between $1 million and $1 billion.
For example, the Brisbane City-owned residential development in the CBD is expected to be sold at $1,000 per square metre, while a residential development at Melbourne’s Northcote is estimated to be priced at $5 million per square foot.
A solar PV installation is typically installed on the rooftop of a property and connected to a power line.
The solar panels can generate electricity at night, when demand for electricity is higher.
Commercial solar projects have an average cost of $8.9 million per year to build.
In Melbourne, residential commercial realty developers have sold more than 20,000 solar PV projects worth $12.8 million.
Zillow found residential solar PV commercial projects to be worth an average of $9.3 million per project, while commercial solar projects are worth an estimated $12 million per commercial project in the region.
There are also many smaller commercial solar residential projects on the market in Sydney and Brisbane.
This shows commercial real property developers are getting into the business of buying commercial projects.
Commercial solar PV solar projects will be coming to market over the next few years, but there is some caution attached to the sector.
Commercial projects will need to prove they are worth the cost, as the market is still in the early stages, says Mr Schmitx.
“There are still lots of projects that are not being completed, and we’re still seeing a lot more commercial real-estate development,” he says.
“A lot of these projects have been built in the middle of nowhere, and they’ve all been built to provide a return on investment for the developers.”
Commercial real-tor projects are usually more expensive than residential residential residential projects.