The majority of strata titled properties in Western Australia are set up to monitor and measure electricity using a multi master network. This is where a strata / survey-strata scheme has lots that are individually metered for their electricity. Lot owners in a multi master network are buying electricity directly from a retail supplier (Synergy) and will usually be paying higher retail electricity supply rates.
An embedded network is a private electricity network that is owned and operated by a single entity, such as a strata corporation and then distributed to lots.
Image sourced from: https://ap2u.com.au/embedded-networks-explained/
So why would your Strata Company consider setting one up?
- Lower electricity costs
One of the primary benefits of an embedded network is that it can provide lower electricity costs for unit owners. By purchasing electricity in bulk, the strata corporation can negotiate better rates and pass on the savings to unit owners. This can be especially beneficial for strata buildings with a large number of units.
- Increased control over electricity supply
With an embedded network, the strata corporation has greater control over the supply of electricity to the building. This can be especially beneficial during times of high demand or energy price volatility. The strata corporation can adjust the supply of electricity to the building to manage costs and ensure a reliable supply.
- Potential for renewable energy
An embedded network can also provide opportunities for strata buildings to incorporate renewable energy sources, such as solar or wind power. By generating electricity on-site, the strata corporation can reduce reliance on traditional utility companies and further reduce energy costs.
- Simplified billing and administration
An embedded network can simplify billing and administration for unit owners. Instead of dealing with multiple utility companies and bills, all electricity usage and costs are consolidated into a single bill from the strata corporation. This can save unit owners time and reduce confusion.
- Increased property value
Finally, an embedded network can increase the value of your strata property. By providing lower electricity costs, greater control over electricity supply, and potential for renewable energy, an embedded network can make your building more attractive to potential buyers and increase its overall value.
So if your strata building is looking for ways to reduce energy costs and promote sustainability, an embedded network may be worth considering. And since it is considered a sustainability upgrade, changes can be authorised via an ordinary resolution (passed by a majority vote) rather than a special resolution.
Contact your strata manager for more information.
Click here to about Embedded network contract terms, terminations and renewals.