The owner of a 400,000+ sf, 17 unit apartment complex spends roughly $750,000 per year for energy. RENEW identified ways to reduce energy costs by an average of $255,000 per year over the next 10 years. Upgrading the failing, obsolete infrastructure and installing new energy efficient technologies would require a $1.9 million investment. A significant internal demand on the company’s corporate capital had made it difficult for the owner to make the investment himself.
RENEW proposed a unique approach: RENEW will identify, design, construct, own, maintain and fund the necessary improvements and will sell the realized energy savings directly to the owner at a discount to their current energy rates. The owner pays, at a discount, only for the energy actually saved. With this unique energy finance solution, there are no upfront capital costs and the owner can immediately begin reducing his energy expenses. This innovative approach is far superior to the “do nothing” option and results in energy efficient multi-family housing. Consider the following: