Get more out of LL84 compliance

February 24, 2014 - Green Buildings

Dan Teague, WegoWise

You don't know what you don't know, is the idea behind N.Y.C.'s Local Law 84 (LL84). For the past three years, the law has required more than 24,000 buildings across N.Y.C. to benchmark energy consumption and report it to the city annually. Benchmarking is comparing how your building uses energy and water against other buildings with similar characteristics. Owners can use this comparison to pinpoint which buildings in a portfolio are the least efficient, and will enjoy the fastest ROI from retrofits and upgrades.
The goal of LL84 is to lend owners transparency around their building's water and energy use, and in turn, inspire efficiency programs. However in practice, building owners are often times so focused on compliance, that many overlook ways to capitalize on the insights from their investment in benchmarking. As inefficient buildings typically pay four times the utility costs of efficient buildings, these owners are leaving considerable money on the table. Dozens of technology solutions have been marketed to building owners to solve energy management challenges, but each seems to solve only one part of the puzzle. Determining and implementing the best solution, from the kaleidoscope of technologies available, can be a daunting task. WegoWise and Steven Winter Associates are now offering a comprehensive solution that helps multifamily building owners manage this process. It not only reduces the time and cost associated with compliance, but also helps building owners tap into savings illuminated by benchmarked building data.
The WegoWise and Steven Winter Associates solution targets multifamily building owners, comprising 65% of buildings affected by LL84 or more than 1.1 billion s/f. The service offers:
* Data visualizations to compare buildings within a portfolio, as well as to additional buildings with similar profiles.
* Integrated auditing services to help building owners identify capital improvements that will achieve the greatest ROI.
* Consulting services designed to maximize financial incentives.
* Ongoing monitoring and verification services to identify anomalies in energy use, and to ensure upgrades deliver returns as anticipated.
There is potential to reduce the water and energy costs in the city with the right intelligence into our built environment. By talking to property owners, we've learned that the market seeks a differentiated soup-to-nuts approach that converts info into action. We have the tools to figure out what we don't know about our buildings, and capitalize on that knowledge to save millions on annual utility costs.
Dan Teague is director of business development at WegoWise, New York, N.Y.
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