The Government has formally ended the Energy Efficiency Opportunities (EEO) Program which first began in 2006.
The EEO Program was established to raise industry awareness of potential savings achievable through energy efficiency activities.
However, as part of the government's deregulation agenda and focus on reducing costs for business the government repealed the Energy Efficiency Opportunities Act 2006 from June 29, 2014.
In a statement the government said it will continue to cooperatively explore options for improving energy productivity through the current Energy White Paper process.
Property Council of Australia CEO, Ken Morrison, welcomed the removal of the scheme claiming it will help lessen the regulatory burden on property companies.
"The well-intentioned EEO scheme worked on the assumption that if you are forced to measure energy efficiency, you’ll do something about it," he said.
"Unfortunately the actual measurement was quite expensive. It included not only an annual NABERS rating, but also an annual assessment of each building’s lighting energy use requiring considerable consultant spend.
"More than this, it was also unnecessary. EEO merely duplicated existing business practices and the many other schemes which commercial building owners already participate in."
Morrison said the first rule of good regulation is "if there’s no market failure, there’s no need to regulate."
He said the property industry has led the way on energy efficiency by adopting transparent rating tools and embracing competition.
"Repeal of the EEO will benefit the property industry to the tune of at least $17 million per annum," Morrison said.
“By lowering the regulatory burden on property companies, measures like this can have a positive impact on the cost of housing and other property assets."
