Financial Services Firm REIT
Global financial services firm's real estate trust meets energy reduction goals in two office buildings.
A leading global financial services firm headquartered in New York City needed to meet publicly stated energy reduction goals. To do so, they sought out a strategy to ensure expedited portfolio-wide adoption of efficient technologies on a rolling basis, without diverting core resources - namely cash. The firm understood that it did not make sense to evaluate energy efficiency projects in the same light as core investment decisions; i.e. "Do we buy this office property OR upgrade our existing office facilities?"
The firm's Real Estate Investment Trust (REIT) turned to Efficiency-as-a-Service (EaaS) to help meet their energy reduction goals, through innovative financing of lighting upgrades in two office buildings. An Energy Service Agreement has made it possible to roll out small, individualized projects over a 10-year term to add up to a big impact.
In addition to preserving capital, the EaaS solution reduced annual energy consumption by 363,892 kWH, between two projects in Maryland. The firm now has a clear path to progressively upgrading other properties to meet its long-term energy reduction targets.