Energesco Solutions, a leading provider of energy and water conservation measures to the commercial and multifamily real estate industry in the Mid-Atlantic region, announces its award of exclusive contracts by utility companies Pepco and SMECO (Southern Maryland Electric Cooperative) to provide energy efficiency and water conservation improvements to multifamily properties in Pepco's and SMECO's service areas throughout the state of Maryland. Both contracts were awarded under the Commercial Multifamily Program, a newly announced energy efficiency rebate program designed to support the EmPOWER Maryland initiative.
The Pepco contract extends to multifamily properties throughout Pepco's 566 square miles of service area in Montgomery and Prince George's counties in Maryland. The Commercial Multifamily Program, which launched in June 2015, is offered exclusively to multifamily properties in Maryland seeking to implement energy efficiency and water conservation upgrades. Under this newly announced program, multifamily properties will be eligible to receive enhanced rebates for energy efficiency projects, including apartment-level direct install measures, LED light upgrades, and HVAC enhancements.
"We are delighted to have been awarded this contract, which marks the third Pepco RFP that Energesco has won in as many years. The award is a testament to Energesco's in-depth knowledge, capabilities and experience working with multifamily owners and operators to improve the energy efficiency of their assets while enhancing NOI," said William Bennett, Energesco's CEO. "As an exclusive subcontractor under the Commercial Multifamily Program, we look forward to continuing to serve the needs of multifamily clients throughout Pepco's and SMECO's Maryland territories."
The SMECO contract extends to all multifamily owners and operators that the customer-owned electric cooperative serves in Prince George's (southern), Charles, St. Mary's and the majority of Calvert counties in Maryland. SMECO recently implemented a suite of Conservation/Energy Efficiency programs, including building envelope enhancements, to provide its commercial customers with energy and cost savings opportunities.
William Bennett noted, "This is the second SMECO RFP that Energesco has won, and we look forward to expanding our longtime relationship with SMECO and enhancing the energy efficiency of our multifamily clients' assets in the eastern and southern areas of Maryland."
Energy costs represent the single largest controllable cost in a multifamily community, typically accounting for 25 to 35 percent of a property's expenses. Reducing energy use by 15% in a typical 250-unit master-metered community can increase net operating income and can enhance asset value by an estimated $1 million or more (using a 6% capitalization rate). Prior to the launch of these programs, multifamily owners and operators were generally only eligible to receive energy efficiency rebates for upgrades to common areas. Under the new programs, multifamily owners and operators are now eligible for energy efficiency rebates for upgrades throughout the entire complex.
