Purpose of the project
Seeking to update some of our seniors housing properties, we initiated a $3.8 million investment to install high efficiency and energy conservation equipment at 20 communities located in New York, Pennsylvania and New Jersey. The scope of work will include the replacement of lighting, mechanical, electrical and plumbing systems to reduce energy consumption and utility costs. Examples of equipment that will be replaced includes: lighting fixtures and lamps, cooling tower fans, water loop pumps, heat exchangers, water aerators, vending misers, and building management systems.
Our selected consultant has the capability to both engineer and implement energy efficiency solutions. Their energy plan development process includes assessment, solution design, execution, and measurement and verification. During the assessment phase, the 20 communities were audited to identify opportunities to increase equipment efficiency and to reduce energy consumption; this collected information and data were instrumental to engineering solutions. During implementation, the focus will be on coordinating the equipment installations with the subcontractors, the vendors and the communities. At project completion, the solutions will be measured and verified to confirm savings and to secure rebates and incentives.
We anticipate $561,000 in utility savings per year which equates to a 14 percent reduction in utility costs for the communities. To measure and verify the savings, we are implementing the following three-step process:
1. Benchmark existing consumption
2. Install submetering equipment to remotely monitor consumption
3. Continuously monitor performance of the solutions over24 months
It’s exciting to look at further opportunities for sustainability projects within the Ventas portfolio that might include investments in lighting, solar, wind, cogeneration, water, roofing, etcetera. Senior management is eager to hear about these new ideas, which provide opportunities to enhance shareholder returns, improve our buildings, and work with our tenant and operating partners.
- Brian Fry, Director, Asset Management