Commercial Real Estate Case Study
Crescent Road Partners is a commercial real estate property owner and manager based in Westport, CT.
The high monthly energy bills at a newly purchased building shocked Crescent Road. Part of the problem was that the building’s exterior lights burned out frequently and were difficult to access, thus requiring expensive and time-consuming change outs. Meanwhile, the interior lighting always remained on so tenants would not walk into a dark hallway, but that proved to be costly.
Artis completed a comprehensive upgrade of the building’s lighting to more efficient LED bulbs, and we installed a custom occupancy control sensor to dim hallway lights during unoccupied periods. We also identified that the HVAC equipment needed an energy management upgrade, so we added a dynamic control system to reduce the energy consumption of fans and coolers. Finally, we replaced the inefficient electric boiler with a natural gas fired unit.
By upgrading to LED bulbs, lighting lifespan has increased five-fold, thus reducing maintenance charges for replacements. Meanwhile, the interior lighting dimming functionality balances tenants’ comfort with keeping costs under control, and the more efficient HVAC equipment and boiler help Crescent Road avoid demand charges. Thanks to these comprehensive solutions, Crescent Road qualified for significant project incentives from local energy utility Eversource, as well as 0% financing and $21,600 in annual savings from a new rate class assignment, all with no immediate out-of-pocket costs. And with projected savings of $17,466 per year from efficiency measures, the payoff will be far faster than our original five-year estimate.