ELECTRIC USE REDUCTION
GAS USE REDUCTION
INSTALL COSTS OFFSET BY INCENTIVES
MG Properties Group (MGPG) was interested in increasing cash flow by reducing energy and water expenses. As a result, MG Properties Group worked with Bright Power to complete a major renovation of Stonewood Gardens. The property was refinanced in March of 2017 with a Fannie Mae Green Rewards mortgage loan that set aside the funds for the renovations – including common area and in-unit lighting and domestic hot water improvements.
By working with Bright Power and SDGE to include additional energy efficient upgrades in the scope of work – solar thermal system, solar photovoltaic system, and EV charging stations – MG Properties Group was able to satisfy one of its loan requirements and increase cash flow by further reducing energy expenses at the apartment community.
Each improvement provides the owners and residents benefits that will help MGPG achieve their goals.
- Improved exterior and interior lighting provides greater visibility, safety, and security on the property.
- Residents are seeing reduced electricity and natural gas bills.
- Combined, the improvements help increase asset value at a nominal upfront cost to MGPG.
- Common area lighting upgraded to LED
- In-unit lighting upgraded to LEDs
- Domestic hot water recirculation flow controllers
“Energy efficiency upgrades supported by incentives like the Energy Upgrade California Multifamily Program are a natural extension for multifamily owners seeking to improve the quality and value of their properties. We’ve already seen the financial benefit of reduced expenses at the property.” — Lane Jorgensen, VP of Investment Management, MG Properties Group