The need for healthy, stable, and viable housing has never been more critical to the economic and environmental sustainability of our communities. By supporting the development of more energy efficient buildings, we can ensure stable ownership of multifamily rental buildings, preserve rental affordability, and create more sustainable communities.
The Benefits of Energy-Efficient Buildings
We know that energy-efficient construction measures and upgrades to existing buildings work. “Greener” buildings cut down on energy consumption, have smaller carbon footprints, and provide a host of long-term benefits for owners, tenants, and communities. At the ownership level, reducing energy consumption helps to keep costs under control, which can make properties more affordable, sustainable, and profitable over the life of a building.
Why Aren’t All Buildings Energy Efficient?
No two buildings are alike. From systems to maintenance, size and location, there are a multitude of factors that can make it difficult to figure out the most effective way to increase your building’s energy efficiency. Additionally, these upgrades can be expensive, and while the financial and environmental benefits can be substantial, it may take time to realize the fruits of that investment. For many multifamily building owners, especially owners of small buildings, the significant up-front costs can negate the promise of long-term gains.
How Do We Translate Savings into a Solution That Works for Everybody?
At CPC we evaluate how much savings will be achieved from proposed energy-efficient upgrades before the construction or rehabilitation of a property is financed, and those savings are underwritten into the mortgage. We also provide in-house technical expertise and work closely with owners to help them understand the unique sustainability opportunities of their buildings and how best to capture any potential utility cost savings. Because the cost savings allow buildings to better maintain their financial health through the course of standard maintenance, as well as unforeseen weather-related expenses and twists and turns in the marketplace, CPC can provide this additional low-cost, long-term capital to implement energy-efficient upgrades. For owners, incorporating these costs into their mortgage offers the ability to spread them out over a much longer time period, so that owners, tenants and their communities can enjoy the benefits of a greener and more sustainable property for years to come.
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