Investing in new green housing could save people hundreds of thousands of dollars over a 25-year mortgage, according to a study backed by a state government agency.
An analysis of a proposed $100 million eco-village at Cape Paterson, in south Gippsland, found rising energy and water bills and cheaper solar panels and sustainable appliances have made a large green development cost effective.
The 220-house Cape Paterson proposal aims to be operationally carbon neutral. It promises a minimum 7.5-star rating, solar photovoltaic systems big enough to cover energy needs, high-efficiency lighting, heating and cooling, solar hot water, rainwater tanks and a fleet of electric vehicles.
According to a review by energy consultant Anthony Szatow, funded by government agency Sustainability Victoria, the carbon-neutral approach could save an owner more than seven years and $120,000 in mortgage payments compared with a new six-star house.
Savings on energy and water bills were expected to top $200,000 over 25 years.
Project director Brendan Condon said the results suggested a tipping point had been reached at which the financial benefits of green homes outweighed the costs. ”There are significant findings here that are applicable to the whole housing industry,” he said.
A Sustainability Victoria spokesman said the agency believed the analysis showed the project had great merit.
The Cape Paterson project has had a troubled life since being announced eight years ago. It was approved by Planning Minister Matthew Guy in May after being modified to address community concerns.
