Greystar, a leader in the multifamily real estate business with over 40,000 residences in the greater Houston area, wanted to implement an innovative energy strategy that would leverage their vast portfolio of properties and save employee time.
Greystar partnered with Infinity Power Partners at the corporate level to streamline their energy management process, cut costs, and increase revenue.
Greystar lowered direct energy costs across the portfolio by over $1.3 million and increased revenue from preferred provider payouts over their 2-year contract. Select properties reduced costs by up to $35,000 a year.
- Greystar created a centralized energy procurement strategy by aggregating their energy spend to save $1.3 million over a 2 year term.
- Greystar’s aggregation led to unprecedented electricity contract language for multifamily buyers.
- Greystar utilized IPP’s team of data analysts and contract experts to implement the aggregation of over 80,000 electricity meters
- Greystar’s revenue from marketing payout increased from their energy provider by $240,000 a year.
- Greystar used IPP Concierge to execute opportunities in natural gas, tax exemption, and energy efficiency.
THE IPP SUITE
IPP offers individual, end-to-end energy management solutions that work great alone, but are even better together.
How did IPP help?
Greystar partnered with IPP to build a procurement strategy that significantly lowered operating costs by leveraging their portfolio size. This plan improved services to both large and small customers.
Greystar capitalized on market opportunities to secure low rates, utilizing IPP’s team through the continuous monitoring of the power markets and recognizing lows in the natural gas market. With IPP guidance, Greystar locked in consecutive contracts in order to hedge a 4-year price just above historic lows in the Texas power market.
Greystar secured preferable contract terms, including: no meter add/delete fees, long term fixed rate, and consolidated billing.
Greystar had IPP work with their preferred energy supplier and on-site teams to create a customized marketing agreement that increased marketing payouts from the preferred energy supplier by $240,000 a year.
IPP helped Greystar recover up to four years of energy sales tax through the Bill Audit Service due to Greystar’s tax exempt status.
Greystar used IPP’s strategy for purchasing and transporting high efficiency natural gas units. For qualified properties, this resulted in a savings of up to $10,000 to $35,000 a year on natural gas costs per community
Greystar took full advantage of The IPP Concierge which includes a full service team that helped free up Greystar’s valuable onsite employees’ time. Any time Greystar experienced an energy-related issue, IPP assisted Greystar with the supplier, the city, and utility.
IPP took a proactive approach per Greystar’s request to ensure no items are overlooked and problems are solved before they occur. IPP continues to monitor accounts for new sites and additions to Greystar’s vast portfolio.`