NJ Pay for Performance (P4P) Clean Energy rebate program
Size: 140,000 Sq. ft.
Market Segment: Multi-Family
22 Story condominium complex located on Route 70 and I-295 in Cherry Hill, NJ – The project qualified for the New Jersey Pay for Performance (P4P) Clean Energy rebate program.
Rich Energy Solutions hired a third party engineer to develop a detailed Energy Reduction Plan (ERP) that would capture the largest bonus incentive ever awarded to a client for a multi-family complex in New Jersey. The rebate received and paid to Mark 70 was 48% of the contract price. The building has enjoyed huge energy savings over the past couple of years and recently did not need to create an assessment for necessary building upgrades due to a surplus in the operating budget from energy savings.
The building is now outfitted with two 2,000,000 BTU Camus condensing boilers for heating and two 2,000,000 BTU Camus condensing water heaters for domestic hot water. These units are over 95% efficient and modulate down to 400,000 BTU when demand is low. The domestic hot water storage has been reduced by over 50% because these units provide nearly instantaneous hot water when needed. A York state-of-the-art 400 ton chiller and BAC cooling tower with VFD’s were installed for air conditioning. A common area and BOH LED lighting retrofit was performed and new high efficiency rooftop HVAC units were installed for the resident hallways.
Total Contract Price: $534,000
NJ Clean Energy Rebate: $255,306
Annual Energy Savings: $82,869
Internal Rate of Return: 30%
Investment Recapture Period: 3.4 years
10 Year Positive Cash Flow: $546,935