“The Empire State Building…launched a comprehensive retrofit at the landmark property to reduce costs, increase real estate value and protect the environment…Over the past three years the program has generated a total of approximately $7.5 million in energy savings at the landmark building.” ESBNYC
The Empire State building recently initiated an energy efficiency renovation that has reduced wasted energy costs by $7.5 million in the first three years. Clay Nesler, vice president of one of the companies involved in the project, had this to say about the success of energy efficiency:
“Investing in energy efficiency for any type of building – from the Empire State Building to the local school or hospital – provides building owners with significant financial returns and creates comfortable and efficient environments,”
As Nesler points out it is becoming common knowledge that energy efficiency has associated benefits beyond the obvious. Not only does it reduce costs and increase profitability it also improves real estate value, protects the environment and creates more enjoyable and comfortable work spaces. But what does it take to achieve those benefits?
The Four Components of a Successful Energy Efficiency Facility Renovation
There are four components involved in a successful energy efficiency renovation that will yield the maximum benefits. They are:
Services –An energy efficiency project doesn’t simply fall into place with the purchase of the latest energy efficient technology. A variety of services are necessary to develop a plan of action that has measurable results. A small sampling includes: energy audits, utility bill analysis, cost segregation study, property tax review as well as project development and management.. The goal should be to take a project from launch to completion while achieving the maximum financial return with minimal inconvenience to the customer or tenant.
Products & Technologies – There is a mind numbing array of energy saving products and technologies that can dramatically reduce wasted energy. Choosing the optimal solution for specific applications, as well as unique business settings, will assure the greatest results relative to comfort, return on investment and guarantee of savings.
Incentives – For most energy saving products and technologies there are a variety of utility rebates, federal incentives, state and local grant programs that ensure a project yields the maximum financial return while reducing upfront costs. Failure to use all of the available incentives can reduce project profitability!
Financing – Of the four components, financing is the most critical to the success of any energy efficiency project. The choice of financing is a key determinant in a project’s return on investment. A lack of financing is one of the primary barriers to the launch of any energy efficiency project.
Where can I get more information?
If you’re considering an efficiency upgrade of your building or business property you probably have many questions that are beyond the scope of this article to answer. Questions such as: Who would manage such a project? Where would I find a project developer? Where can I go for more information? What technology is available?
Upcoming Event – Keeping PACE with Energy Efficiency in Michigan
To help answer those questions The Energy Alliance Group of Michigan has convened a panel discussion that will address in detail each of the four components listed above. The event will take place in Grand Rapids, Michigan at the Grand Rapids Community College on September 9th, 2015. The event is free to registered attendees (space is limited due to room size). If you would like to register or get more information about the event titled Keeping PACE with Energy Efficiency in Michigan simply click HERE.
“It’s very rewarding for us to go into companies and find ways for the owners to save energy and money with the added benefits of new equipment, a better work environment and happier employees.” Scott Ringlein, CEO and Founder, The Energy Alliance Group of Michigan