FirstService Residential Saves Clients More Than $14.5 Million in Electricity and Natural Gas Costs
The arctic air that continues to pound New York City with bone-chilling temperatures is jeopardizing the energy budgets of multifamily properties. To combat the high cost of keeping residents warm during one of the coldest winters on record, the New York division of FirstService Residential – North America’s leading property management firm – has secured natural gas and electricity rates for its clients that are considerably less than those charged by local utilities.
In the three years for which data is available – October 2011 to October 2014 – participating buildings have saved $9,054,128 in electricity and $5,492,908 in natural gas costs – on average up to 13% lower than rates charged by Con Edison and National Grid.
Administered by the company’s FS Energy subsidiary, the FirstService Residential Energy Aggregation Purchasing Program aggregates the consumption of hundreds of properties in the company’s portfolio. Through a complex, multi-tiered process, FS Energy’s specialists leverage this data – comprising more than 722,214,662 kWh in electric load and 60,512,558 therms in natural gas load – to negotiate with suppliers.
“Using FirstService Residential’s considerable purchasing power to secure the most favorable rates and terms available for the buildings we manage, which a building could not otherwise obtain on its own, is part of our continued promise to deliver significant value to our clients,” says Dan Wurtzel, President, FirstService Residential New York. “This exclusive no-cost solution delivers measurable savings that positively impact a building’s bottom line.
Unlike most utility purchasing programs, the FirstService Residential Purchasing Program is a true aggregation product without requirements to lock in or fix prices. While paying less than rates charged by Con Edison and National Grid, participating properties remain customers of those utilities for the delivery portion of the commodity.