BOMA Int'l, CCI Announce Energy Performance Contract Model
July 3, 2008 // Published as a news service by IHS
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The Building Owners and Managers Association (BOMA) International and the Clinton Climate Initiative (CCI) announced a new BOMA Energy Performance Contract Model to allow building owners to perform major energy retrofits to the existing building marketplace by removing key barriers and providing a turnkey tool.
BOMA and CCI said they collaborated to develop this business model to improve both the financial and environmental performance of commercial real estate while enhancing energy efficiency.
Specifically, the BOMA Energy Performance Contract Model provides a standardized energy performance contract, similar to the American Institute of Architects construction contract terms, whereby legal and technical provisions have been vetted by real estate companies, energy service companies as well as BOMA legal counsel and experts and CCI.
Coupled with other standard documents, frequently asked questions (FAQs) and case studies, real estate professionals are provided with a tool for how to improve performance and value.
BOMA and the commercial real estate community joined with CCI, energy service companies and financial institutions to create the BOMA Energy Performance Contract Model, which provides a market mechanism that can be used in public and private buildings - regardless of age, location and type - to improve efficiency and sustainability.
As part of the model, BOMA, CCI and USAA Real Estate Co. (USAA) teamed up to generate an energy efficiency pilot project in the commercial sector that addresses issues confronted by building owners looking to improve financial performance and reduce their companies' carbon footprint.
USAA provided two buildings for the pilot project to develop and refine an energy efficiency building retrofit model to reduce barriers, particularly time and complexity, of such projects.
The pilot project, launched in January 2008, resulted in a demonstrated business case for energy efficiency improvements and the development of a model financial structure to fund efficiency programs.
"Improving energy efficiency and financial performance is a growing priority for property owners, but energy retrofits have often been complicated, time consuming and cost prohibitive," said Brenna S. Walraven, BOMA International chairman and chief elected officer.
"The marketplace now has an industry-vetted, streamlined, cost-effective and time-efficient model contract that building owners, energy service companies and financial institutions can use to facilitate the implementation of major energy retrofit projects in publicly and privately owned buildings," Walraven said.
Source: Building Owners and Managers Association (BOMA) International.