SL GREEN'S BRIGHT IDEA
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|Sustainability is the new math: Investors have to look past quarterly earnings to long-term savings, and that's where energy efficiency makes sense.|
|This morning, SL Green's Jay Black told us his firm has spent $7M on sustainability measures since '09 and took in $1.7M in incentives. That means savings of $2.2M/year. (We're glad the SAT math section is well in our past.) Taking advantage of low-hanging fruit, Jay says SL Green will pay $2.5M throughout 2012 to replace fluorescent bulbs with more than 16,000 LED bulbs in the 24-hour areas(garages, stairwells, lobbies) of 25 properties. That means $750k/year via reduced energy use (15-watt bulbs instead of 32-watters) and extended bulb life.|
|The 1.5M SF 919 Third Ave office building, a big portion of the LED retrofit, got 1,200 6-watt bulbs (replacing 50-watt down lights). That's 85% less energy, not to mention the lower HVAC costs. Sign up hereto hear more from Jay, Related Cos' sustainability VP Charlotte Matthews, CodeGreen Solutions' Chris Cayten, CBRE national sustainability director Dave Pogue, Vidaris' John Hannum, RREEF global sustainability director Patty Connolly, and Alfa Development founder Michael Namer at our NY Sustainability Summit on Tuesday, August 21.|