This is an Australian-first … an industry-led, data standard for energy efficiency features in residential property.
An important collaborative initiative to adopt a trusted, research-backed, set of energy efficiency property features into proptech platforms and solutions.
Enabling CONSISTENCY, VISIBILITY, ROBUST insights and more MEANINGFUL property experiences at key decision-making moments.
Industry-led, data standard for residential property
Industry-led, data standard for residential property
The Big Picture
Home Energy Ratings + Key Energy Efficiency Features
As our nations energy productivity and household cost-of-living pressures are increasingly in the spotlight, our homes are a key target for change.
The Proptech Energy Efficiency Features Standard enables proptech’s to establish a robust set of energy efficiency property attributes in readiness for Home Energy Ratings at point of sale or rent. This regulatory framework is being developed by federal, state and territory governments working together.
It will also enable the proptech sector to align with the drive for energy efficiency property upgrades advocated by the banking and financial sector.
How does a voluntary industry standard work?
This industry-led data standard is voluntary. Voluntary codes can often respond faster to change than codes prescribed under law. Industry participants often feel more connected to industry-led codes too. This leads to greater commitment to follow the code.
Key elements of a voluntary code
They are self-regulated.
They can be sponsored by an industry association (in this case the Proptech Association Australia) or they can be in partnership with a government agency.
Membership of an industry association may be a condition of the code.
Unlike mandatory codes, voluntary industry codes are flexible and can be altered quickly in response to changing industry/consumer needs.
Compliance with a voluntary code can give you a competitive edge in the marketplace.
Usually this is promoted by displaying an industry-endorsed logo that customers should look for.
This voluntary code of practice applies to industry participants who sign up to it. It is developed and administered by industry participants.
Better Together
“A powerful example of simultaneous cooperation … this strategy recognises that businesses can benefit from collaborating in certain areas while competing in others.
By identifying areas of mutual interest and finding ways to cooperate, competitors can enhance their collective value proposition.”
fastercapital.com.