As businesses strive to ‘go green’ and find environmentally friendly ways to operate, the buildings that they inhabit are doing the same. A growing trend among building owners is to retrofit the buildings themselves and create an energy efficient space, as well as an opportunity to save money on operational costs.
As a result of structural inefficiencies, buildings can actually waste as much as 80 percent of their energy. Issues like lighting, faulty insulation, leaks and outdated HVAC systems can all contribute to the waste of energy in a building on a daily basis. Beyond the harm that wasting energy can cause to the environment, it’s also a waste of money. Tenants and building owners alike are essentially paying for electricity that they don’t need or use.
To relieve such issues and reduce energy costs, building owners are implementing retrofit renovations. The Empire State Building, one of the most famous buildings in the world, is an excellent case study of how operational costs can be reduced by increasing energy efficiency.
Retrofits to the Empire State Building are part of a more expansive renovation plan designed by owner Malkin Holdings to combat the building’s aging infrastructure. Malkin Holding’s President Anthony E. Malkin worked with a team of real estate, climate and energy experts to develop several strategies and confirm that the retrofit renovations were an economically sound decision.
“A series of cost-effective, energy-efficient retrofits have dramatically reduced energy waste in the Empire State Building, saving $2.4 million in operating costs in the first year alone. In the next few years, when the project is complete, the building is expected to reduce its energy use by nearly 40 percent—and save about $4.4 million each year.”