The Importance of Energy Benchmarks
According to the Office of Energy Efficiency & Renewable Energy (EERE), annually reporting a building’s Energy Benchmark is an important step in Energy management. While you may not be able to control each tenants Energy consumption, Benchmarking is still beneficial. Filing allows you to track the year-to-year Energy Score. If the building’s score fluctuates or lowers each year, this could indicate room for Energy improvments.
FUN FACT: SWITCHING TO LED LIGHT OPTIONS CAN BE A STARTING POINT TO SAVE ENERGY
What is Energy Benchmarking?
Energy Benchmarking is the annual process of reporting a building’s Energy consumption. Upon filing a report, the building is given an Energy Score ranging from 1-100. The score received indicates how Energy Efficient the building is in comparison to other buildings of similar size and function.
Presently there are 37 existing Energy Benchmark programs nationwide – some mandatory, others voluntary. Each Energy program has their own set of requirements and deadlines, which can make filing confusing and tedious.
You can’t manage what you don’t measure
In 2015, the Institute for Market Transformation (IMT) found that there is a correlation between a building’s Energy Efficiency, occupancy rate, and sale pricing. The more Energy Efficient a building is, the higher their occupancy and sales are. This indicates that consumers are beginning to consciously – or unconsciously – make efforts to occupy Energy Efficient properties.
The more Energy Efficient a building is, the higher their pccupancy and sales are. This indicates that consumers are beginning to consciously - or unconsciously - make efforts to occupy Energy Efficient properties.
NYC recently launched Local Law 33 (LL33) requiring building owners to display the corresponding letter grade for their annual Energy Score in a visible place. While this is a new way to encourage Energy Efficiency in NYC alone, the idea behind is to provide transparency to consumers. Similar to Letter Grades for Restaurants, consumers are slowly gaining more access to property data so that they can make conscious and informed decisions. A low score could make or break a potential buyer’s decision to rent a space in your building. By completing an annual Energy Benchmark, you can track the yearly usage, make changes, and maintain a positive Energy image for your building