When faced with decisions about building maintenance and upgrades, there are three main paths that many property owners take. One logical approach is to start with incremental replacement upgrades that are typically interior-driven, another is an aggressive approach that involves strategizing a building envelope and total systems upgrade, or there is the budget-conscious approach to swap out what’s no longer working with the least expensive options.
If the last path is tempting, consider this: High energy costs can actually cost you more if the building isn’t energy efficient. In addition to the financial cost, without energy-efficiency investments, the country’s energy consumption and carbon emissions would be 78% higher, according to the U.S. Energy Information Association (EIA).
Avoiding upgrades to the building envelope, lighting, HVAC, insulation, and plumbing only kicks the inevitable can down the road and takes away the opportunity to attract renters who value sustainable living, lower energy bills, preparation for possible severe weather, and comfort.
By partnering with a local energy provider, such as National Grid, that offers its customers financial incentives and rebates for energy-efficient improvements, it’s possible to deliver the optimal eco-friendly property that attracts today’s renters.
“It’s our goal to provide our multifamily customers with energy-saving solutions that also improve resident comfort,” says Elizabeth Terry, National Grid program manager. Through the utility provider’s Total Building Comfort program, energy experts evaluate and recommend solutions that create a safe and comfortable environment while reducing the property’s overhead costs and energy consumption.
And the annual energy savings can be huge. After undergoing an energy retrofit that included a new insulated shell around the concrete building, an insulated reflective roof, as well as high-efficiency windows and air sealing through programs offered by National Grid, the 568,000-square-foot Castle Square Apartments in Boston benefited from annual energy savings of 36%.
The facility manager at the 219-unit Concord Greene Condominiums in Massachusetts also benefited from incentives and annual savings after making a variety of improvements. Bill Bannan worked with National Grid to upgrade the insulation in the attic, saving more than $311,000 and increasing the overall comfort of the building for its residents. “I was able to help the residents feel more comfortable and save the company money. It was a win-win,” says Bannan, Concord Greene facility manager. They also were able to reduce the consumption of commercially metered natural gas, creating an annual savings of $15,500. Overall, the property owner ended up paying less than 10% of the more than $340,000 total project cost due to much of it being covered by National Grid incentives.
“By helping our multifamily customers reduce their energy usage, National Grid is better able to meet the needs of our service area,” states National Grid. “Plus, it helps us do our part in reducing CO2 and other greenhouse gas emissions, as well as reducing our reliance on imported fossil fuels.”
Just updating tank and pipe wraps, aerators, showerheads, and lighting to compact fluorescent lightbulbs, the 318-unit High Acres Apartments & Townhomes managed by Morgan Properties in Syracuse, New York, has already seen savings in its energy bills. “For a company our size—these small savings, or in some cases not so small, from each property snowball into huge savings very quickly,” says Robert DeWeese, former vice president of facilities operations at Morgan Properties.
No matter how small or large the energy-efficient upgrades, property managers are continuing to benefit from not only more efficient systems but also having another appealing quality to attract and retain residents. It’s no secret among multifamily executives that sustainability sells, with energy-efficient appliances, smart thermostats, water-saving systems, and healthy building certifications continuing to sway renters’ decisions to lease.
For more information about maximizing your multifamily building’s energy efficiency, head over to National Grid.
