Written by: Johnathon Fata
Waypoint is pleased to announce the results of Virtú Investments’ third-annual GreenLiving Report. Virtú recently announced these results via a press release and we are proud to share them with you here. Waypoint developed the GreenLiving program in partnership with Virtú specifically to overcome the split incentive barrier to energy efficiency in the multifamily market. Since 2012, Waypoint has worked with Virtú to support the groundbreaking GreenLiving energy and sustainability program for multifamily properties.
By taking a holistic approach to energy, water and sustainability management, the GreenLiving program has demonstrated success in helping residents reduce their energy and water bills and bringing value to Virtú’s investors. The 2014 GreenLiving Annual Report showcased the continued success of the GreenLiving as it marked its third year. 23 properties were under ownership for all or part of 2014, totaling over 3.6 million square feet.
Communities acquired by Virtú enter the GreenLiving program by partaking in an initial opportunity assessment to assess the current state of the property and identify areas for improvement in energy, water and five other environmental areas. After the assessment is completed, Waypoint works with Virtú’s property and regional managers to implement the recommended energy, water and sustainability measures and policies. Example savings measures include installation of Energy Star appliances, LED lighting and WaterSense low-flow showerheads.
Additionally, Waypoint collaborates with each individual property manager to implement a marketing campaign designed to encourage behavioral changes that further drive energy and water savings and reduce environmental impacts in their building. The marketing campaigns include activities such as providing signage and move-in letters, resident competitions and quarterly GreenLiving newsletters.
To quantify these savings impacts, Waypoint conducts an annual audit of each property and verifies the energy and water savings through utility bill collection. In 2014 alone, these 23 properties saved 2.9 million kWh and 23 million gallons of water. Furthermore, the cumulative savings over the three years of the program have saved over 4.6 million kWh and 56 million gallons of water. Putting that in perspective, the electric savings equates to over 7.6 million automobile miles avoided, enough to circle the equator 308 times. The water savings is equivalent to avoiding 3.2 million showers.
Waypoint looks forward to continuing working with Virtú to innovate and enhance this impactful program for sustainability in multifamily properties. To learn more about GreenLiving, check out our case study or contact us at info@waypoint-energy.com.