5 Reasons to Outsource Energy Efficiency for Denver Goals

Denver multifamily property owners face a critical deadline in 2024 to meet interim Energy Use Intensity (EUI) targets as part of the city’s Energize Denver ordinance, which was approved last year. After the deadline for energy performance assessments and reporting passed, many property owners are looking for ways to streamline the benchmarking process while aligning their energy strategies with broader environmental, social, and governance (ESG) goals.

New Energy Criteria for Denver Property Owners

This year, Denver property owners with buildings over 25,000 square feet must assess and submit their energy performance data through the ENERGY STAR Portfolio Manager. By 2024, they must not only report their EUI but also meet specific interim targets, advancing the city’s goal of achieving net-zero greenhouse gas emissions by 2040.

Although many owners have been tracking energy use to reduce utility costs, the new ordinance makes benchmarking mandatory and even more crucial. This process provides valuable data that helps property owners understand and manage their energy consumption while supporting the city’s Energize Denver goals. However, meeting these targets is a significant challenge. Most updates will focus on utilizing renewable energy, electrifying HVAC systems, and replacing outdated lighting fixtures.

The City of Denver offers resources and incentives, including the Energize Denver Hub, to help building owners with necessary updates and reporting. But many property owners are finding that outsourcing this work to a third-party energy expert offers several advantages.

5 Reasons Why Multifamily Property Owners Should Outsource Energy Efficiency and Reporting

1. Expertise in Energize Denver Compliance

Partnering with specialists who understand the nuances of the Energize Denver ordinance and ENERGY STAR reporting simplifies the process. These experts provide a clear, actionable plan to meet energy targets and avoid costly fines or unnecessary work.

2. Faster Execution

Building an internal energy efficiency team can be time-consuming, especially with the looming deadline. Outsourcing to an external partner allows property managers to focus on other areas of their business while efficiently working toward energy goals.

3. Maximize Savings

Energy-efficient upgrades not only reduce environmental impact but also lead to lower utility bills and higher net operating income. Savings can be reinvested into additional sustainability projects and property upgrades, boosting tenant loyalty and retention.

4. Access Rebates and Simplified Equipment Permitting

The city is offering incentives to make equipment updates, such as heat pump installations, easier. While DIY upgrades are possible, hiring a partner to handle the entire process ensures greater efficiency and access to potential rebates, helping owners save money.

5. Improve Tenant Satisfaction and Retention

Today’s consumers prioritize sustainability. Partnering with a sustainability expert helps multifamily owners go beyond compliance with Energize Denver to showcase measurable energy-saving impacts. This not only strengthens tenant retention but also supports marketing efforts that highlight the property’s commitment to sustainability.

Gaining a Competitive Edge with Outsourcing

By outsourcing energy efficiency updates and benchmarking, property owners can gain a significant advantage. According to the City of Denver, multifamily buildings are responsible for 49% of local greenhouse gas emissions. By investing in energy conservation updates, owners not only meet Energize Denver targets but also contribute to the city’s long-term sustainability goals.

When selecting a partner, property owners should consider:

• Comprehensive Services: Look for a firm that offers a full range of services, from strategy development to site assessments, analysis, and benchmarking, ensuring maximum return on investment.

• Proven Reporting Expertise: Choose a partner with a strong track record in data management and evaluation, delivering actionable insights to strengthen sustainability initiatives.

• Centralized Management: A reliable partner should offer a single point of contact and have the capacity to manage large projects with in-house resources.

• Green Financing Knowledge: A trusted expert should be well-versed in local incentives and green financing options to help fund upgrades and improvements.

• Reputation: Ensure the vendor is familiar with Denver ordinances and has a strong community commitment to sustainability.

Outsourcing energy efficiency tasks allows owners to implement changes quickly and track energy usage in time to meet 2024 and future targets. This proactive approach contributes to climate change solutions, improves property values, and enhances tenant satisfaction.

Are you ready to make your move towards meeting the Energize Denver deadlines?