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Energy Efficiency Investment in Commercial Office Space NYSERDA COMMERCIAL OFFICE Solutions THE CHALLENGE Governor Spitzer and Mayor Bloomberg have set admirable goals for energy and carbon reduction. THE CHALLENGE The commercial sector has a major role to play in responding to that call.

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Nyserda commercial office solutions l.jpg

Energy Efficiency Investment in Commercial Office Space

NYSERDA COMMERCIAL OFFICE Solutions


Governor spitzer and mayor bloomberg have set admirable goals for energy and carbon reduction l.jpg

THE CHALLENGE

Governor Spitzer and Mayor Bloomberg have set admirable goals for energy and carbon reduction.


The commercial sector has a major role to play in responding to that call l.jpg

THE CHALLENGE

The commercial sector has a major role to play in responding to that call.

35%

45%

64%

U.S. Total Load

U.S. Peak Load

NY State Peak Load (2007)

Commercial Buildings


Slide4 l.jpg

THE CHALLENGE

The commercial sector has a major role to play in responding to that call.

35%

45%

67%

U.S. Total Load

U.S. Peak Load

NY State Peak Load (2030)

Commercial Buildings


The commercial sector represents over 25 of total energy consumption in the state l.jpg
The commercial sector represents over 25% of total energy consumption in the state.

SOURCE: NYSERDA “Patterns and Trends: New York State Energy Profiles 1991 - 2005


In large markets offices represent the vast majority of commercial space l.jpg
In large markets, offices represent the vast majority of commercial space.

NYC Commercial Space

Office

65%

35%

Other

SOURCE: Real Deal Databook, 2006, NYC Dept. of Finance


Nyc represents over 81 of the total square footage of office space in major state markets l.jpg
NYC represents over 81% of the total square footage of office space in major state markets.

SOURCE: CBRE survey of major NYS office markets. * Excludes small markets, which may add modest additional sq ft.


Manhattan dominates the nyc office market with over 90 of total sf l.jpg
Manhattan dominates the NYC office market, with over 90% of total SF.

SOURCE: Grubb & Ellis, Q1 2007


Major manhattan submarkets l.jpg
Major Manhattan submarkets total SF.

Midtown

Midtown South

Downtown

Brooklyn

Market Profile


Tight vacancy in most manhattan submarkets suggest a landlord s market l.jpg
Tight vacancy in most Manhattan submarkets suggest a “landlord’s market.”

SOURCE: Grubb & Ellis, CBRE, Q1 2007


Operating expense clauses define the ability of energy efficiency to reduce costs l.jpg
Operating expense clauses define the ability of energy efficiency to reduce costs.

1. Direct operating cost pass-through

2. Indexed escalation

3. Fixed escalation


In pass throughs expense reductions may accrue only to tenants l.jpg
In pass-throughs, expense reductions may accrue only to tenants.

1. Direct operating cost pass-through

BARRIER

2. Indexed escalation

Building Systems Improvements

3. Fixed escalation


In other clauses significant incentives to invest exist l.jpg
In other clauses, significant incentives to invest exist. tenants.

1. Direct operating cost pass-through

BARRIER

2. Indexed escalation

Building Systems Improvements

3. Fixed escalation

INCENTIVE


However individual leases within a single building may treat expenses differently l.jpg

Recoverable to Owner tenants.

Unrecoverable to Owner

However, individual leases within a single building may treat expenses differently.

Expense Pool 1

8 leases

Expense Pool 2

6 leases

Expense Pool 3

3 leases

HeatingCoolingCA Elec

HeatingCoolingCA Elec

HeatingCoolingCA Elec


In all cases landlord interest in promoting tenant electric measures will be affected by metering l.jpg

Direct-metered tenants.

Sub-metered

Master-metered w/o sub-meter

In all cases, landlord interest in promoting tenant electric measures will be affected by metering.

NEUTRAL

Tenant Electric Improvements

MARK-UP BARRIER

INCENTIVE

  • Indexed & Fixed Escalation


Cbre suggests that many tenants are becoming cost conscious for building energy expenses l.jpg
CBRE suggests that many tenants are becoming cost-conscious for building energy expenses.

Increased energy awareness

Increase in tenant operating cost audits

Pressure to improve operations to attract & retain tenants

Government incentives


This may result is a pressure to green to attract and retain tenants l.jpg

Importance of labels & awards for building energy expenses.

This may result is a “pressure to green” to attract and retain tenants.


There is disagreement in the marketplace whether this will translate to rent differentials l.jpg
There is disagreement in the marketplace whether this will translate to rent differentials.

City and State mandates may render this question moot.

?

Focused deployment of resources may lessen the need for mandates.


The first step is to streamline nyserda s ability to address owner motivations l.jpg

Owner Motivations translate to rent differentials.

NYSERDA Resources

ONE STOP SHOP

Energy Savings

Base Year Reductions

2015/2030 Compliance

Labels/Awards

Attraction/Retention

Rent Increases

ECIP

FlexTech/TA

Peak Load Reduction

Small Commercial Lighting

HVAC & Building Performance

Energy $mart Loan Fund

ECIP

FlexTech/TA

Peak Load Reduction

Commercial Lighting

HVAC & Building Performance

Energy $mart Loan Fund

The first step is to streamline NYSERDA’s ability to address owner motivations.


We plan to reach out to the top owners and managers of nyc office space l.jpg
We plan to reach out to the top owners and managers of NYC office space.

SOURCE: CB Richard Ellis


We will initially target specific types of office building within their portfolios l.jpg
We will initially target specific types of office building within their portfolios.

  • Master-metered

  • Indexed & fixed rent escalation clauses

  • Single-tenant/ Owner occupant

  • Large tenants


Analysis suggests a number of entities will be responsive to the marketability of green l.jpg
Analysis suggests a number of entities will be responsive to the marketability of green.

  • REITs

  • Company headquarters

  • Major not-for-profits

  • Companies with current green practices


Establishing partnerships is the most critical task we can undertake in this effort l.jpg
Establishing partnerships is the most critical task we can undertake in this effort.

  • The Clinton Foundation

  • New York City Mayor’s Office

  • REBNY

  • Partnership for New York

  • New York City Energy Task Force

  • BOMA


Building owners managers and tenants are looking for means to respond l.jpg

Energy Efficiency & Load Reduction undertake in this effort.

Carbon Footprint Reduction

THE CHALLENGE

Building owners, managers and tenants are looking for means to respond.

  • Reduced operating costs

  • Government incentives

  • “Green prestige”

  • Marketable tenant spaces


A fast forward switch to sustainability l.jpg

THE SOLUTION undertake in this effort.

A fast forward switch to sustainability

NYSERDA’s ONE-STOP-SHOP

Commercial office energy efficiency & peak load reduction

SIMPLE…SENSIBLE… SUSTAINABLE.

COMINGSUMMER 2007


A dedicated account executive will connect office clients with resources based on individual needs l.jpg

  • Owner Goals undertake in this effort.

  • Peak load reduction

  • Carbon reduction

  • Building performance

  • Technical Assistance

  • Basic assessment

  • Financial guidance

One Stop Shop

  • Financial Incentives

  • Capital

  • Operating

$

STEP ONE

A dedicated account executive will connect office clients with resources based on individual needs.

Client


Benchmark your portfolio to evaluate usage and prioritize among properties l.jpg

STEP TWO undertake in this effort.

Benchmark your portfolio to evaluate usage and prioritize among properties.

ENERGY STARPortfolio Manager

  • Upload data

  • Evaluate usage against peers

  • Track performance

Forthcoming Enhancements

  • Make New York comparisons

  • Evaluate tenant spaces

  • Measure potential savings

www.energystar.gov


Perform basic energy assessments in target buildings and prioritize energy saving steps l.jpg

STEP THREE undertake in this effort.

Perform basic energy assessments in target buildings and prioritize energy-saving steps.

Evaluate medium-term opportunities

● cogeneration ● load curtailment ●heat recovery

Identify near-term strategies

●lighting ● motors/drives ● retro-commissioning

Develop comprehensive approach to savings goals


Address systemic barriers and create value from savings l.jpg

$ Operating Costs undertake in this effort.

STEP FOUR

Address systemic barriers, and create value from savings.

  • Incentives

  • Federal

  • State

  • Local

$Operating Savings


Recognize building owners and managers for progress toward established goals l.jpg

STEP FIVE undertake in this effort.

Recognize building owners and managers for progress toward established goals.

Setting goals: Benchmarking and establishing savings goals.

Short-term achievements: 10% by 2010 through low-cost O&M and capital improvements.

Long-term achievements:Reducing energy 15% by 2015, and carbon 30% by 2030.


Slide31 l.jpg

NYSERDA’s undertake in this effort.ONE-STOP-SHOP

COMINGSUMMER 2007.

CONTACT

Kimberlie A. Lenihan

Project Manager, NYSERDA

518.862.1090 x3410

[email protected]