Energy efficiency is on everyone’s minds, and multifamily owners are no different. However, many might be surprised to find out that it can be done for less than they might think; and, it pays huge dividends over the long-term.
In Multifamily, Energy Efficiency Equals Fiscal Efficiency
Mary Nitschke, director of ancillary services for Prometheus Real Estate Group in San Mateo, California, is a regular case study presenter at the Energy Summit in Washington, D.C. each year. With 13,000 units and another 2,600 in the pipeline, her company is the largest privately owned developer in the San Francisco Bay Area.
The writers at Property Management Insider sat with Mary Nitschke, director of ancillary services for Prometheus Real Estate Group in San Mateo, California to learn more about her approach to multifamily energy efficiency.
Prometheus has 13,000 multifamily units and another 2,600 in the pipeline; it is the largest privately owned developer in the San Francisco Bay Area. Nitschke’s insight is sought after because in an area where the cost of living is 62.6 percent higher than the U.S. average, she is expert on finding low-cost and no-cost efficiency enhancements for her properties.
A Team Approach Is Critical
Nitschke’s team at Prometheus works to regularly analyze retrofit costs, their payoffs and make recommendations to multifamily owners and developers. They get help in their efforts from non-profit organizations like the Association of Energy Affordability (AEA) in nearby Emeryville.
This let’s Promotheus leverage the knowledge of “over 130 energy engineers, project managers, building scientists, trainers and technical consultants” across the country who are working to find “utility rebates, federal and state programs that pay in full or in part for certain upgrades and retrofits, as well as locate other funds and products earmarked for multifamily”.
Rachel Kuykendall, senior project manager with AEA, says:
We’re always researching any and all rebates that might eliminate or reduce the pain of up-front or total cost…
Finding The Funding
The article notes that “rebates, incentives and utility discounts are offered in nearly every state”, and that “many utility companies also offer programs. The deals are out there, so it’s about finding and matching those resources that are most beneficial to a specific property’s fit and finish, location, climate and more”.
In addition to looking for ‘deals’, the AEA also trains owners and property managers. Kuykendall explains that:
We holistically work with owners, within their budgets, to create energy efficiency programs…
It’s Just Another Piece Of The Puzzle
Energy efficiency is another aspect of multifamily ownership that is changing fast. That’s why you can’t afford to try and follow every development yourself.
Put the professionals at Pacwest Commercial Real Estate on your team. They’re experts on every aspect of multifamily investment real estate. Get started by calling us today at 541-912-6583.
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