Client Name: 315 W 55th Co-Op Industry: Residential Property Management Client Representative:...
Every dollar counts in a small co-op
- Client Name: 315 W 55th Co-Op
- Industry: Residential Property Management
- Client Representative: Nathan Lichtenstein, Co-Op Board President
The primary challenge was to reduce energy costs in a way that was both significant and measurable, without compromising the comfort of the residents. The co-op needed a solution that was not only effective but also offered a tangible return on investment.
Runwise provided smart controls with features that included:
- Real-time monitoring of energy savings.
- The capability to remotely monitor and control the heating system through a mobile app.
- A guarantee of savings, with a promise of a refund if the savings did not exceed the service fees.
Substantial Energy Savings: The co-op achieved a 31.6% reduction in energy costs compared to the previous year.
Financial Impact: The savings amounted to $5,749 annually, which translated to approximately $125 per family in the co-op.
Return on Investment: The savings were double the amount of the service fees paid to Runwise, affirming the financial benefits of the system.
Enhanced Operational Control: The ability to monitor and control the system remotely added a layer of convenience and efficiency.
Environmental Benefit: Reduced fossil fuel consumption contributed to helping with climate law regulations.
Resident Satisfaction: Shareholders appreciated the dual benefits of increased comfort in their apartments and tangible money savings.
This case study underscores the potential of smart energy management systems to make a significant impact on both the financial and environmental footprint of cooperative housing, all while enhancing the living experience of its residents.