18A — January 15 - 28, 2016 — 2016 Forecast — M id A tlantic

Real Estate Journal


2016 F orecast

aGrann Associates has worked as a con- sultant to PSE&G’s By Rachael Fredericks, PSE&G and Patrick Bunn, MaGrann Associates PSE&G’s Residential Multifamily Housing Program - Your One Stop Shop For Energy Savings M

ily buildings with at least five units where natural gas and/ or electricity is provided by PSE&G. The buildings can be master metered or individually metered, and include both low- rise and high-rise facilities.” How the Program Works Multifamily property owners receive a professional energy audit of their building(s) and a detailed report showing which cost-effective energy conserva- tion measures (ECMs), having simple payback of less than 15 years, may be considered for retrofit or replacement

opportunities under the pro- gram. Overall project cost ef- fectiveness will determine the package of ECMs approved by PSE&G. Energy savings measures and technologies that may be considered include lighting, HVAC systems, ven- tilation improvements, and appliances such as refrigera- tors, water saving devices and controls. PSE&G’s program incentive will “buy down” the cost of the eligible ECMs by 6 years to not less than 3 years; the customer’s share of the project cost will be repaid at 0% interest on the customer’s PSE&G utility bill over a period of 10 years for New Jersey Housing and Mortgage Finance Agency (NJHMFA) funded (mortgaged) projects, and over a 5 year period for Non-NJHMFA projects. The customer may also repay their share of the project cost in one lump sum payment if they choose. The typical customer repayment share, after the buy down incentive, averages 30% of the total project cost; (how- ever the amount varies subject to the individual project). Key Program Elements • All ECMs, both those in building common areas and individual living units/tenant spaces are considered under the program and offered as a package. In addition to en- ergy efficiency, most projects provide the additional benefits of comfort and safety along with resident satisfaction. Participants may also benefit from reduced maintenance and increased property value. • All project costs are cov- ered upfront by PSE&G includ- ing project design, measure installation, contractor bid- ding, administration and con- struction; thus eliminating the need for the customer to make an upfront capital expenditure. PSE&G’s engineering consul- tant assists the participant throughout the project, assur- ing quality of installation and maximizing projected savings. • The customer will contract with their own installation contractor to install the ap- proved ECMs. PSE&G will provide the customer with 30% of the agreed upon implemen- tation costs at the start of the approved project. Additional “progress payments” up to 80% of the total project cost, will be made by PSE&G as the project progresses. The remaining continued on page 22A

als and condominiums. This year the New Jersey Board of Public Utilities has approved a request by PSE&G to in- vest another $35 million in the pro- gram. The p r o g r a m prov i des a combination of grant and interest free on-bill repayment for qualifying applicants. PSE&G’s ProgramManager, Patrick Bunn

Rachael Fredericks, explains, “PSE&G’s Residential Multi- family Housing Program en- courages the installation of en- ergy efficiency improvements by providing cost-effective energy saving opportunities for eligible multifamily housing projects. The program provides building owners with up-front financing for the cost of eligible energy efficiency installations. PSE&G will also provide in- centives to help pay for the cost of the energy efficiency measures. Program eligibility includes residential multifam-

Multifamily Energy Ef- ficiency Pro- gram since i t s i n c e p - tion in 2010. S i nc e tha t time PSE&G has invested nearly $39

Rachael Fredericks

million in energy efficiency upgrades in a variety of multi- family properties, both afford- able and market rate; rent-

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