This news today on a new energy benchmarking ordinance in Cambridge comes from the Institute for Market Transformation (IMT). Large commercial, institutional, multifamily, and municipal buildings must track and report their energy and water use. The City Council of Cambridge, Mass., voted unanimously on Monday to approve the Building Energy Usage and Disclosure Ordinance (BEUDO), […]
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Action to track energy use in large buildings is spreading, this time to counties. This news comes from the Institute for Market Transformation. New law, similar to those passed in nine cities, requires the tracking of energy use in large public and private buildings Montgomery County, Md., has become the first county in the nation […]
Energy Benchmarking Key to Realizing $9 Billion in Savings in Apartments and Condos: Benefits for Owners and Renters
Almost 40 million Americans live in apartments and condominiums in multifamily buildings (those containing five or more units). Over the past decade, these Americans have seen their energy costs rise by 20 percent — more than three times the average rate of rent increases. A new report from the Institute for Market Transformation (IMT), Energy Transparency in the Multifamily Housing Sector, finds that the nation’s multifamily housing stock holds potential for major energy efficiency gains, which would improve housing affordability by keeping renters’ utility bills down. Transparency about buildings’ energy use can drive these gains.
The Institute for Market Transformation and the Appraisal Institute have collaborated and released an updated guide that features details in rating energy performance on property value. Energy efficient properties will see an increase in appraisal values as a result.
In Part 2, we explore exactly what energy benchmarking is and how it is being used throughout the country.