Category: Energy & water management
Having an energy and water strategy in place — and sticking to it — will help to improve building and portfolio performance. A successful strategy helps you to look at your entire portfolio and prioritize your investments, source and secure incentives and financing, install improvements, and measure the data to verify the success and best inform other opportunities.
Why it Matters
Several of our clients have strategies that allow them to realize benefits beyond their goals. While you might strive to achieve only 1 or 2 of the below, you can often realize additional, unexpected benefits when you deploy a coordinated strategy with an expert. This is why many leading organizations work with us to make it a priority.
- Lower operating costs
- Reduce waste
- Secure more attractive financing
- Receive incentives
- Reduce maintenance headaches
- Increase property value
- Increase NOI with new investment opportunities
- Improve tenant comfort and retention
- Receive certifications like LEED or ENERGY STAR
- Diminish risk of project delays
- Drive corporate sustainability goals
- Reduce negative environmental impacts
- Increase operating cash flow for the life of a building
Map it Out
No matter your current approach to sustainability, we can help you create your strategic roadmap. As an energy and water management partner, Bright Power helps develop an organization-specific strategy and implement it successfully. Our Find, Fix, Follow approach ensures we recommend the right strategy for each portfolio and owner. How does it work? We Find areas of energy and water waste using utility bills; Fix buildings to perform optimally through our turnkey energy audits and retrofits; Follow the data to ensure every project achieves its goals.
Using the steps below, under our Find, Fix, Follow approach, you can feel confident no stone will be left unturned and your strategy will be integrated.
Mercy Housing utilized our Find, Fix, Follow approach to breakthrough challenges and define what success meant to them. Partnering with Bright Power and Affordable Community Energy Services Company (ACE), Mercy Housing sought to upgrade 80+ California properties. We prioritized the improvements across the properties in the most cost-effective way, bundling financing, incentives, and high-impact upgrades. The entire project is being implemented in phases and anticipates the last set of properties to be completed by early 2020.
Mercy Housing is able to utilize a “Pay from Savings” financing model to complete efficiency improvements when they are needed most, rather than waiting for refinancing or taking out a secondary loan. Addressing Mercy Housing’s challenges head on allowed us to find the best solution for them. Learn more about Mercy Housing’s strategy for implementing energy and water projects here.
Easier Said Than Done
Like everything in life, sticking to a plan is easier said than done. The importance of sticking to your strategy may seem obvious but it keeps your team accountable and helps you avoid costly delays. Keeping your goals and benefits top of mind and in plain sight while you implement your strategy will help keep the commitment alive. The good news is that you can rely on an expert like Bright Power to guide your organization throughout the entire strategy, execute implementation, and be your champion to remind you why staying on track is valuable.
Remember, energy and water improvements don’t go out of style like interior upgrades. Here are a few tips to staying on track and keeping to it:
- Budget in advance.
- Create tangible milestones that you know you will keep, and be realistic.
- If you don’t have the in-house bandwidth, then get help from experts.
- Look to others within your organization and outside for examples of what works best.
- Post a visual reminder of the value and results you will see if you stay on track – it keeps you motivated.
Want to learn more? Stay tuned for future blogs in which I will share insights from owners and operators that are leaders in sustainability — including lessons learned and best practices for implementing an energy and water strategy.
Missed last week’s “Implementing Your Energy and Water Strategy: Where to Start?” Check it out here.
Making good on annual energy and water performance goals is hard.
Whether you’re a building owner or operator, work on-site or in a corporate office, your day-to-day work life does not revolve around energy and water performance. Other, more seemingly urgent priorities arise that continually postpone analyzing and taking action on energy and water usage. But, by devoting a small, focused amount of time, you can develop an energy and water strategy that will result in more efficient, sustainable, and profitable buildings.
You can do this! And here’s how.
Set Tangible Goals
Take Bozzuto Management Company. In 2015, they sought to reduce energy across all company-managed properties and establish corporate sustainability goals. Bozzuto defined specific targets like their annual 3% energy savings portfolio goal, joined an energy efficiency initiative under U.S. Department of Buildings’ Better Buildings Challenge, and established a goal of increasing recycling by a minimum of 5% year over year across all communities.
“By establishing a meaningful and achievable goal – the first of many focused on sustainability – we are able to share with our clients that we too are committed to high performance. We can work in partnership with them while growing and promoting a culture of sustainable operations internally.”
Director of Sustainability, Bozzuto Management Company
Design and Implement Your Strategy
The first step many Bright Power clients, like Bozzuto, take to implement their energy and water strategy is to benchmark their properties. Through an analytics tool like our EnergyScoreCards™ cloud-based platform, they can gain a deeper understanding of their energy and water consumption, identify and prioritize opportunities for improvement, and measure and verify results after project implementation.
By defining their goals, outlining a tangible strategy, and implementing it, Bozzuto was able to achieve a 3% energy reduction in 2017 across their whole portfolio. This decrease in energy usage translates to nearly $1 million in savings compared to 2016 data measured in EnergyScoreCards and over $15.5 million in increased asset value across the entire portfolio. Not to mention being awarded ENERGY STAR Partner of the Year for the second year in a row and named Property Management Company of the Year by the National Association of Home Builders (NAHB), showcasing that you don’t have to choose between doing what’s right for your business and for the environment.
Clients like Bozzuto Management Company are proving that with a sound energy and water strategy in place, goals can be met.
Continue reading here to learn why having an energy and water strategy is important, how to get projects done more holistically, and tips to staying on track so that you can reach your goals.