Investing in energy-efficient, cost-cutting improvements presents a compelling opportunity for property owners.
BH has used ecofi as a valuable partner to do just that since 2016.
With ecofi, BH has enhanced its financial performance through reduced utility expenses, increased Net Operating Income (NOI), and improved loan proceeds.
The outcomes extend beyond direct financial gains, positively impacting tenant satisfaction, fostering stronger investor relations, and boosting ESG scores—all contributing to elevating our sustainable brand
ecofi helped BH to earn favorable rates from Freddie Mac and Fannie Mae through its Green Loan program.
“I’m a huge fan of ecofi,” said BH’s Senior Vice President of Construction, Mike Watkins. “When determining which communities to upgrade with ecofi, we look for those with high utility rates and costs and determine their potential for savings.”
ecofi starts by doing a full audit and reviewing past invoices to forecast which properties are strong candidates. After the upgrades are complete, ecofi tracks the performance and provides monthly and quarterly reports.
“ecofi is a strong partner because it does everything from soup to nuts,” Watkins said. “It isn’t like some energy efficiency companies that rely on subcontractors to do the work, just coming in and flipping the lights and water fixtures. ecofi uses its full-time employees, providing a better installation and seamless experience for the properties and residents.”
In 2016, ecofi completed a community-wide water savings project at TAVA Waters, a large BH community with more than 1,500 apartment homes in Denver. As part of that project, ecofi installed about 50-100 new toilets per day, the largest water savings project in Denver at the time.
Where the Energy Star portfolio manager platform is used, ecofi takes on this additional service, handling the onboarding and paperwork for the program, which previously was a huge lift for on-site teams, Watkins said.
Since 2016, ecofi has completed 202 projects at BH communities, spanning 90 cities and 19 states.
BH has benefited from replacing 2.0- or greater-gallon toilets with the more economical .8-gallon toilets, and it has seen the gallons per minute (GPM) in older showerheads and aerators reduced.
According to Watkins, the ROI of eco-fi upgrades varies, but vintage properties tend to see the best results.
“Like most everything, the cost of fixtures—toilets, lighting, aerators—has risen for the past seven years,” he said. “While the parts might be less expensive, some projects are more complex overall and require more labor, and labor costs have risen. At the same time, utility costs have also increased.”
ecofi also facilitates rebates, which are an important factor in overall costs. At TAVA Waters, the project was estimated at $750,000, and BH received 50 percent of that in rebates.
All told, our ecofi projects have netted BH $729,411 in rebates: $376,000 in Denver water rebates, $117,100 in rebates from the City of Atlanta Water Department of Watershed Management for toilets, $52,485 from Dallas Water ICI, and $47,500 from the Broward Water Partnership high-efficiency toilet program. These credits usually get paid directly to the property/ownership LLC.
At BH, we’re committed to making a meaningful and long-lasting impact on our world. We believe the work we do matters, so we devote ourselves to improving the communities we serve, the lives we touch, and the environments we impact. Working with ecofi is just one way that we’re making this happen.