Green Per Square Foot

ENERGY STAR for Multifamily Properties November 6th, 2014

Multifamily properties now eligible to receive ENERGY STAR scores and recognition!

"Multifamily properties represent a significant stock of commercial real estate. With energy benchmarking becoming increasingly important, as more cities and states adopt performance requirements, we applaud ENERGY STAR for updating Portfolio Manager to provide benchmarking and certification services for our market."

Cindy Clare, President | Kettler Management
This recent enhancement to ENERGY STAR Portfolio Manager is a potential game changer in the industry, and IREM Sustainability can help you lead the way!

Rising utility rates create financial risk for owners and reduce affordability for tenants of multifamily properties. Smart investments in high performance property improvements can help combat these risks and transform a multifamily property to a higher level of performance, quality, and affordability. Until now, decision makers in the multifamily sector have had limited resources available to them to effectively measure and compare energy and water usage against their peers. Recognizing this need, the EPA partnered with the Fannie Mae Multifamily Mortgage Business to deliver the 1 – 100 ENERGY STAR score for multifamily properties.

Researchers studied over 1000 multifamily properties.  What did they find out?

  • Multifamily property owners spend on average 9% of their rent receipts on energy.
  • The least efficient property may end up spending $165,000 more in annual energy costs than a similar property operating the most efficiently.
  • On average, a 100,000 square foot property spends $125,000 on energy and $33,000 on water annually. If this property saved 15% on energy and water costs, it would increase asset value by almost $400,000, assuming a 6% cap rate.
  • When owners paid for all energy costs, median annual energy use was 26% higher than when tenants paid for the energy costs.

How can IREM Sustainability help you use ENERGY STAR Portfolio Manager and achieve ENERGY STAR Certification?

It’s simple. IREM Sustainability offers services to set-up your ENERGY STAR account and sync your utility data with your IREM Sustainability account.  This will allow for quick and easy access to your property’s benchmarking data.

  • Track energy and water use by syncing with ENERGY STAR Portfolio Manager
  • Identify cost-cutting measures for your property using the Ways To Save tool.
  • Take action using the Projects function.  Receive competitive bids from qualified solutions providers. Take advantage of incentives dollars to fund your efficiency projects.
  • Receive an ENERGY STAR score, and work towards certification.
  • Demonstrate your energy performance become an IREM Certified Sustainable Property

How do I get started?

To receive a score, you will need:

  • 12 months of complete energy data for all fuels and meters on the property
  • Gross floor area for all buildings on the property
  • Total number of residential living units
  • Total number of bedrooms

Click here for more information on how IREM Sustainability can help set-up your ENERGY STAR Portfolio Manager Account or request a quote.

Interested in becoming an IREM Certified Sustainable Property?

You may be closer than you think to having that plaque on your wall. Email to schedule an IREM Certified Sustainable Property Gap Analysis today.  We’ll walk you through the certification requirements, note activities you’ve already completed and map out a tailored process to earn the certification.

Additional Resources:

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