Commercial real estate energy solutions
Own or manage commercial property? Become more energy efficient and get up to $300,000 in rebates from SRP.
Why energy efficiency?
Energy use is the single largest operating expense in commercial office buildings, accounting for up to 30% of typical operating budgets and nearly 20% of the nation's annual greenhouse gas emissions. Save energy and money with SRP rebates for energy efficiency upgrades.
Most popular real estate energy efficiency upgrades:
- LED lighting upgrades
- Occupancy sensors
- HVAC upgrades including variable frequency drives
- Window film
- Reflective roof coating
Benefits of upgrading your building:
According to ENERGY STAR®, a 10% decrease in energy use could lead to a 1.5% increase in net operating income. Other benefits include:
- Higher rental rates and asset values
- Better tenant attraction and retention
- Reduced maintenance costs
- Reputation as an environmentally-conscious company
Do you own or manage residential multifamily properties? Find out if you and your residents can benefit from SRP Multifamily Solutions.
- Contact your Strategic Energy Manager or use the form to tell us about your energy goals.
- Choose an SRP Energy Alliance contractor to walk you through the application process and complete your installation.
- Receive up to $300,000 in SRP rebates and enjoy the perks of energy efficiency.
Tenant improvement FAQ
A Property Management Company (PMC) can apply for and receive rebates directly, when either of the following is true:
- The SRP account for the tenant improvement (TI) project site is in the PMC's name at time of rebate application, or
- The SRP account for the TI project site is in the tenant's name, but the PMC is paying for the qualifying energy efficiency improvements as documented by invoicing.
In both of the above scenarios, the PMC is considered the applicant. The PMC must provide tax information and will bear tax liability for rebates received.
The PMC may choose to assign the rebate to an SRP Energy Alliance contractor by completing the Third Party Assignment section of the rebate application, but the PMC will still bear tax liability and receive a 1099 (if applicable) for rebates received.
If the tenant is paying for the qualifying measures (as documented by invoicing), then the tenant must apply for the rebates by completing and submitting a rebate application.
The tenant may choose to assign rebates to the PMC, via the Third Party Assignment section of the rebate application, but the tenant will still bear tax liability and receive a 1099 (if applicable) for rebates received.
The determination of project type (new construction vs. tenant improvement retrofit) is based on whether or not there is a change in the use of space. For example, if the space was an office and will continue to be an office after the project is complete, the changes are a tenant improvement and the project is considered a retrofit, requiring pre-approval. If the space was a health club and will be retail (a completely different use of space) after the project is complete, the project is considered new construction and does not require pre-approval.
If you are unsure whether your project will be considered retrofit or new construction, contact an SRP program representative to discuss the project prior to purchasing equipment.