In Pursuit of Green Power, Kips Bay Towers Purchases Renewable Energy Certificates
The board of Kips Bay Towers Condominium, in its endless quest to implement sustainable measures at its Midtown East complex —which comprises 1,118 apartments and spans 7.5 acres—expressed an interest in purchasing renewable energy. By pursuing this eco-friendly endeavor, the board would be helping to offset the amount of electricity generated by fossil fuels as well as significantly reduce its emissions of carbon dioxide and other pollutants.
After learning from FirstService Residential’s energy subsidiary, FirstService Energy, just how affordable Renewable Energy Certificates (RECs) are, the board voted unanimously to proceed.
“The decision to move to ‘green power’ is just the latest effort over the last decade to make our community more sustainable,” says Nicholas Holt, Vice President of the Kips Bay Towers Board. Having installed solar roof panels and LED lighting, implemented electronics and textile recycling programs, as well as an organic refuse collection program, “Our community continues to be at the forefront in implementing sustainable initiatives,” says Holt.
“With each subsequent initiative, support grows for how we can even more effectively operate with minimal impact to our environment,” adds Holt. “With the support of FirstService Residential, we were very pleased to learn just how affordable ‘green power’ is, and it became the proverbial ‘icing on the cake’ for our latest efforts at environmental stewardship.”
By leveraging the buying power of the FirstService Residential portfolio, FS Energy negotiated savings up to 90% off other methods of purchasing RECs. As a result, Kips Bay Towers will pay $0.0012/MWh versus rates as high as $0.029/MWh on the open market.
Renewable energy is as reliable as standard electricity service. Kips Bay Towers remains connected to the same regional power grid that previously provided its power.
What are Renewable Energy Certificates?RECs represent the environmental attributes (avoided emissions) of 1 megawatt-hour (MWh) of electricity generated from an eligible renewable resource, such solar or wind. RECs incentivize carbon-neutral renewable energy by providing a production subsidy to electricity generated from renewable sources.
RECs provide a very accessible platform for going green. If your board is interested in offsetting your property’s carbon footprint, please speak with your FirstService Residential property manager.
To learn how RECs are produced and how your building can use them to turn electricity into renewable power, watch this video.
To find out more, contact FirstService Residential