Free online CPC VeriFi tool takes basic property data and calculates utility savings and financing options for implementing energy upgrades in multifamily buildings
New York City, NY – November 28, 2018 – The Community Preservation Corporation (CPC), a leading nonprofit multifamily housing finance company, in partnership with Bright Power Inc., has launched an interactive, online software application that calculates the potential cost savings of energy efficient upgrades to multifamily buildings. With the free CPC VeriFi tool, building owners only need to enter basic information about their properties to generate an estimate of the economic benefits of incorporating energy and water efficiency features based on a sample scope of work. Along with the estimate, owners will also see a range of additional loan proceeds that could be used to finance the scope of work.
“CPC VeriFi gives multifamily owners a quick and easy calculation of potential cost savings from different sustainability upgrades based on real data from comparable buildings,” said Sadie McKeown, Executive Vice President & Chief Operating Officer at CPC. “From savings for owners and better affordability for tenants, to greener and cleaner communities, the benefits of sustainable, high-performance buildings are well documented. Our goal is to put this information in the hands of building owners so they can see the benefits of energy-efficient upgrades and take part in creating more sustainable and affordable communities.”
Using data collected from thousands of multifamily buildings in Bright Power’s EnergyScoreCards database and other sources, CPC VeriFi calculates opportunities for cost savings based on energy improvements that could be incorporated into simple, moderate, or substantial scopes of work. CPC VeriFi can be found at https://www.CPCVeriFi.com.
“We applaud CPC for their leadership and vision on how to integrate efficiency into building finance. We are thrilled this partnership will make it easier for building owners to understand the financial benefits of integrating energy and water efficiency measures into their properties. With this information, owners can see that they can provide sustainable, comfortable homes, and they can do so while saving money in the long-term,” said Jonathan Braman, Vice President of Strategic Initiatives at Bright Power.
To get started, users only need to input three simple data points: 1) the building or project’s location, 2) the approximate age of the building and 3) the number of residential units. CPC VeriFi does the math and returns a range of potential savings from energy and water costs, as well as a range of additional loan proceeds based on a 30-year fixed-rate mortgage. Users have the opportunity to input more detail about their building, such as number of bedrooms, square footage and intended level of planned work, to generate more specific results.
Example scopes of work include installing low-flow water fixtures, ENERGY STAR appliances and LED lighting; various degrees of insulation, weather stripping and area sealing; the repair or replacement of hot water heaters, boilers, windows and leaks; installing comprehensive energy management systems; among others. The app can also provide an example scope of work to be downloaded for future use.
Bright Power’s EnergyScoreCards database of more than 35,000 buildings and their over $1.4 billion in utility cost and consumption data allows CPC VeriFi to provide potential savings from real buildings with real residents. Sample scopes of work are provided by Bright Power’s 14-plus years of identifying and implementing energy and water efficiency improvements.
The cost savings associated with energy-efficient construction and retrofits play a key role in ensuring the economic stability of multifamily properties. Greener buildings decrease energy consumption, have smaller carbon footprints and provide a host of long-term benefits for owners, residents and communities.
“CPC VeriFi will make it significantly easier for affordable housing stakeholders to identify and finance opportunities that will lower expenses, improve asset value and ultimately preserve affordable homes,” said Jolie Milstein, president and CEO of the New York State Association for Affordable Housing. “As New York continues to grapple with a devastating housing affordability crisis, we need to continue to develop innovative solutions to preserve affordability, and we applaud CPC for this important new tool.”
“CPC’s new tool empowers building decision makers to consider the tangible, cost-saving benefits from making efficiency upgrades to their properties,” said Lindsay Robbins, Director of Strategic Alignment & Implementation at the Natural Resources Defense Council. “The tool uses real data from real buildings to inform property owners about opportunities for cutting costs while saving energy and water and, paired with CPC’s innovative approach to financing efficiency upgrades, is the type of solution we need to spur broad action with national impact.”
Energy-efficient construction and retrofits are critical to helping building owners control their maintenance and operations expenses, and maintain the affordability of their properties. A growing body of research shows that approximately 25 percent or more of a building’s energy and water is wasted through inefficiencies that could be corrected through efficiency upgrade programs for multifamily housing. Energy and water efficiency improvements can reduce annual energy bills by 15-30 percent and water bills by 15-50 percent.
With such prevalent influence over the economics and condition of our housing stock, the lending industry has a tremendous opportunity to take the lead in advancing measures that will improve the financial and physical quality and sustainability of the buildings and communities in which we live and work.
With the release of CPC VeriFi, CPC is continuing its role as an industry leader in the sustainability field, providing innovative and practical solutions for building owners and lenders. In 2017, CPC launched its Underwriting Efficiency handbook to serve as a free resource for lenders in their efforts to incorporate energy and water efficiency features into the financing of first mortgages for multifamily building owners. Underwriting the potential savings and providing additional low-cost, long-term capital in the mortgage, can help break down the financial barriers that building owners of all sizes currently face in implementing sustainable property improvements.
About the Community Preservation Corporation (CPC)
Established in 1974, CPC is a nonprofit affordable housing and community revitalization finance company that believes housing is central to transforming underserved neighborhoods into vibrant communities. The company provides a full suite of capital products through its construction lending, permanent lending, and equity investing platforms. Since inception, CPC has leveraged approximately $10 billion in private and public investment to finance more than 193,000 units of multifamily housing. CPC’s work with its partners has helped revitalize countless neighborhoods and provided quality housing for families, senior citizens, and individuals with disabilities. Visit CPC at communityp.com, and on Facebook, Twitter and LinkedIn.
About Bright Power
Bright Power provides strategic energy and water solutions to building owners and operators nationwide. Specializing in multifamily buildings, Bright Power’s suite of services help clients reduce consumption and environmental impact, increase resident comfort, and increase the value of their real estate assets. Bright Power’s energy management solutions include EnergyScoreCards benchmarking software, energy audits, energy procurement, onsite generation, green building design services, turnkey installation of energy improvements, commissioning services, incentive program administration, and ongoing energy management. To learn more, visit brightpower.com, Facebook, Twitter, or LinkedIn.