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Stanwich Energy Advisors principal John O’Connell
Purchasing green power or Renewable Energy Certificates (RECs) is becoming less expensive as the green power industry evolves and more sites are generating green power, reports Stanwich Energy Advisors principal John O’Connell. When RECs are sold, it brings a new renewable generation facility vital income that enables it to get financing. And as more customers purchase RECs, it provides more revenue that's used to make more renewable energy—why prices are coming down. “We've seen increased interest in going green as landlords and property owners explore different avenues to gain recognition and attract new tenants in an extremely competitive real estate market,” he says.
345 Hudson St, New York, NY
This could be an increasing environmental consciousness, a desire to “keep up with the Joneses,” and a way to maintain a position in the real estate landscape, he says. Some tenants don’t have the means to go green internally but make a point to lease from a green building. Stanwich was recently chosen as Trinity Real Estate’s energy purchasing advisor for the firm’s 6M SF Hudson Square portfolio. So far, it’s helped the landlord buy RECs to offset 100% of energy costs at the 958k SF 345 Hudson St office building. Ultimately, Trinity picks the product type and energy supplier, but Stanwich advises the landlord on things like the optimal moment to sign a contract and how long that contract should be.
Related Topics: Trinity Real Estate