SAN FRANCISCO, Nov. 4, 2019 /PRNewswire-PRWeb/ -- Gridium announced today that its software, used by Kilroy Realty Corporation for data-driven sustainability, identified a twenty-six thousand dollar utility bill credit at one of two newly developed tech buildings in San Francisco. The bill credit is equivalent to 10% of the building's annual energy spend. In total, these buildings house over 300,000 square feet of high tech office space and nearly 100,000 square feet of production, distribution, and repair space. By retroactively switching to the correct utility rate, as provided by the utility tariff rules, the building earns both a one-time credit reflecting retroactive savings, and persistent optimal-rate savings every year. Savings total seventeen cents per square foot across the credit and the first year on the right rate.
Automated Data Analytics Also Drive Dollar Efficiencies
"Gridium technology has helped us, over these last seven years, boost our sustainability programs by identifying anomalous energy leaks and performing automated M&V for our Innovation Lab," said Sara Neff, Senior Vice President, Sustainability at Kilroy Realty Corporation. "Now, we can receive billing history reviews and optimal utility rate analyses quickly and easily. Bringing dollar savings to a new building is a big win."
By calculating the building's utility bill determinants, Gridium creates a synthetic utility bill under each possible utility rate, with bankable accuracy for each bill's demand and use line items. Potential scenarios span utility rates with higher demand charges in exchange for lower usage charges, lower demand charges for higher usage charges, and other variants along that spectrum.
Gridium technology will also identify if a utility followed its own tariff rules, creating the opportunity for a retroactive rate change and refund or bill credit.
Utility Bill Credits Can Help Fund Deeper Sustainability Investments
"It is always energizing to help Kilroy Realty Corporation, an experienced leader in sustainable buildings, deliver savings to their stakeholders and tenants," said Tom Arnold, CEO at Gridium. "Bill credits and persistent savings of seventeen cents a foot help turbocharge the building's budget for other energy projects–compounding the gains from one sustainability investment into another."
Gridium's software enables buildings to finely-tune their operations, improving the efficiency of existing systems and streamlining maintenance. Gridium buildings know where their energy is going, what their energy budgets should be, that their billing history is correct, and what utility rate to select. For building owners that can go deeper, Gridium's energy project development offering identifies, installs, and finances energy system upgrades with zero upfront costs. And in new pay-for-performance markets, buildings can sell these harvested efficiency resources back to the Grid.
About Gridium Inc.
Buildings use Gridium technology to develop energy project revenues and to lead in a new age of building management. And in new pay-for-performance markets, buildings can sell harvested efficiency resources back to the Grid, all with zero upfront costs. All told, the company directly serves over 200 million square feet of buildings across the United States, and with Gridium, these buildings save millions of dollars on electricity, gas, and water utility bills, extend the useful lives of their assets, and data-drive their sustainable operations.
About Kilroy Realty Corporation
Kilroy Realty Corporation (KRC), a publicly traded real estate investment trust and member of the S&P MidCap 400 Index, is one of the West Coast's premier landlords. The company has over 70 years of experience developing, acquiring and managing office and mixed-use real estate assets. The company provides physical work environments that foster creativity and productivity and serves a broad roster of dynamic, innovation-driven tenants, including technology, entertainment, digital media and health care companies.
At September 30, 2019, the company's stabilized portfolio totaled approximately 13.3 million square feet of office space located in the coastal regions of Los Angeles, San Diego, the San Francisco Bay Area and Greater Seattle and 200 residential units located in the Hollywood submarket of Los Angeles. The stabilized portfolio was 92.1% occupied and 97.3% leased. In addition, KRC had six projects totaling approximately 2.3 million square feet of office and life science space that were 63% leased and 564 residential units under construction. KRC also completed 237 residential units, with a third of the units leased, and had two projects in the tenant improvement phase, The Exchange on 16th, totaling approximately 750,000 square feet, with the office space fully leased to Dropbox, and 96,000 square feet of retail at One Paseo, which was 100% leased.
The company's commitment and leadership position in sustainability has been recognized by various industry groups across the world. In September 2019, the company was recognized by GRESB as the sustainability leader in the Americas across all asset classes for the fifth time. Other sustainability accolades include NAREIT's Leader in the Light award for the past five years and the EPA's highest honor of ENERGY STAR Partner of the Year Sustained Excellence award for the past four years. The company is listed in the Dow Jones Sustainability World Index. At the end of the third quarter, the company's stabilized portfolio was 61% LEED certified and 72% of eligible properties were ENERGY STAR certified. More information is available at http://www.kilroyrealty.com.