ELECTRIC USE REDUCTION22%
GAS USE REDUCTION6%
INSTALL COSTS OFFSET BY INCENTIVES93%
Market TypeMultifamily Market Rate
LocationSan Diego, CA
OwnerMG Properties Group
MG Properties Group (MGPG) wanted to increase cash flow by reducing energy and water expenses. As a result, MGPG 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 San Diego Gas & Electric (SDGE) to include additional energy efficiency upgrades in the scope of work—like solar thermal, solar photovoltaic (PV) system, and electric vehicle (EV) charging stations—MGPG was able to satisfy one of its loan requirements. It also increased cash flow by further reducing energy expenses for the apartment community. And upgrades like improved exterior and interior lighting provided greater visibility and security at the property.
Combined, the improvements helped 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