Utility Benchmarking Benefits
California is leading the way on utility benchmarking in an effort to understand and enforce conservation. Assembly Bill 802 directed the California Energy Commission to create a statewide utility benchmark for buildings larger than 50,000 square feet.
To facilitate the collection of data, property owners will complete their reporting using the ENERGY STAR Portfolio Manager, an online service maintained by the EPA.
The goal of this program is to allow residents and building owners to make better decisions about conservation and energy usage. In many markets, an energy-efficient property is now a top request of renters, so the public disclosure of this data will be something savvy renters reference prior to signing a lease.
If you are a property owner who is not required to comply with these rules, you can still benefit greatly from participating:
- Compete for the best renters, those that care about their carbon footprint and will pay a premium for an energy-efficient property
- Add value to your property in the event you want to sell
- Reduce overhead through conservation, which directly impacts your net operating income
- Benchmarking is necessary if you want to apply for green loans
- This regulation is likely to spread to other states so you’ll be ahead of the curve
- Help prioritize capital improvements
- Bragging rights over competing properties that don’t participate
Benchmarking doesn’t have to be a hassle. Banyan will do this work on behalf of your property if you are a current utility billing customer as an add-on service.
Whether or not you are required to participate, we would encourage you to do so as a benefit to your bottom line and the value of your property.