An energy use league table could save you millions
Energy challenges with a published ranking of performance could help drive significant energy savings at assets, members at the NAREIM Sustainability meeting heard this week (April 2019).
Sharing best practices on ESG strategies, members heard how gamification had helped one firm save $3 million in energy bills over three years.
The challenges were judged on simple utility bill data, with the best performing property managers giving dinner with the executive team, trophy, firm-wide recognition as being the top performer for one year.
Property managers were both internal to the company and third-party property managers. The key was frequent publication of the results, the meeting heard.
Other best practices included using catastrophe scoring - the metrics of earthquakes, weather, flood and terrorism - to assign a value to an asset, and help understand potential adjustments in insurance premium pricing.