Greystar
Greystar’s Energy Goals
Greystar, a leader in the multifamily real estate business with over 400,000 residences, wanted to implement an innovative energy strategy that would leverage their vast portfolio of properties and save employee time. Greystar partnered with IPP to streamline their energy management process, cut costs, and increase revenue for their clients. Greystar lowered direct energy costs for their clients by over $1.3 million and increased their revenue from preferred provider payouts over their 2 year contract while select properties reduced costs by up to $35,000 a year.
Key Takeaways
Greystar created a centralized energy procurement strategy by aggregating their energy spend to save $1.2 million over a 2 year term.
Greystar’s aggregation led to unprecedented electricity contract language for their 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 clients 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.
Energy Procurement
Demand Response
Utility Management
Sustainability & Energy Efficiency
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 that Greystar serves.
Greystar capitalized on market opportunities to secure low rates by recognizing lows in the natural gas market. Greystar locked in two terms back to back in order to hedge a 4-year price that was timed at the 90% of lowest prices available, dating back 365 days prior.
Greystar secured preferable contract terms for clients, 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 to owners 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. All refunded, 100% to ownership.
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.
