Properties Managed by FirstService Residential New York to Save $600K in Annual Energy Costs through Community Distributed Energy Generation Program
Participating NYC Condos and Co-ops Will See Average Monthly Savings of up to $10,000 on Con Edison Electricity Delivery Charges
NEW YORK, February 9, 2023 – FirstService Residential, the leading manager of residential properties in the New York region, announced average monthly savings of up to $10,000 – or 6 percent in electricity costs – for participating condominiums and cooperatives in its management portfolio subscribed to a Community Distributed Generation (CDG) project. The monthly savings directly offset electric delivery charges, which are credited back to each building’s Con Edison bill.
CDG supports the delivery of clean, reliable power to additional customers by harnessing energy that might otherwise be wasted. It has the added benefit of reducing or eliminating the “line loss,” or wasted energy, that happens during transmission and distribution in the electricity delivery system, which Dougherty notes can range from 20-30 percent depending on where it is generated.
Today, approximately 93% of the energy generated goes to FirstService Residential’s subscribed properties. While the opportunity for a building to participate in the Staten Island fuel cell project is now closed, FirstService Residential already has a waitlist of buildings wishing to participate in the next CDG project.
“The good news is that a new project is in development right now,” adds Dougherty. “Once the project reaches the pre-construction phase, we look forward to offering more of our clients the financial benefits of participating in this program.”
“Working with FirstService Residential has been a great success," said David Matt, managing partner of Daroga Power. "We have delivered an energy cost savings solution for their properties while improving grid reliability. As we grow our distributed generation portfolio within New York City, we look forward to working with FirstService Residential for years to come."
FirstService Energy affects environmental change by improving energy efficiency and reducing water consumption, ultimately with the goal of reducing operating costs and harmful carbon emissions across FirstService Residential's extensive property management portfolio. The company’s services extend to FirstService Residential clients in markets across the U.S. and Canada. Its continued portfolio-wide expansion will bring the benefits of the company’s sustainability advisory services to positively impact more than 1.7 million residential homes across 8,600 residential communities as well as the company’s own corporate locations.
FirstService Energy also provides resources to help clients optimize available energy incentives. The team obtained millions of dollars in incentives for New York clients in 2022 for projects ranging from installing electric vehicle (EV) charging stations and LED lighting retrofits to steam trap replacements and conducting carbon studies to prepare for compliance with NYC Local Law 97’s strict carbon emissions limit. The team’s active involvement in the energy industry keeps FirstService Residential’s property managers, clients and building staff informed on the latest technologies, regulatory requirements, and incentive programs, and helps to ensure buildings are operating in the most efficient manner.