Brad Pilgrim CEO, Parity
Net Zero 2050
Going Green: Tech or Retrofits? What is the Best Approach to the Greening of our Residential Properties? Change Is In the Air Change is in the air – literally. Whether it’s driven by new environmental mandates, the energy costs and financial impact of condo residents living and working from home almost full-time, or a personal concern for the carbon footprint of our multi-residential buildings, now is the time to explore new and innovative solutions that will pave the most direct path towards achieving Canada’s goal of net-zero carbon emissions by 2050. Indeed, there are many ways to approach the greening of our residential properties and portfolios, but what works best? And what are the pros and cons? Let’s begin by comparing two of the major potential options for moving forward, both from a cost and impact point of view. Testing the Limits of Retrofits Property management teams often think of equipment upgrades as the first line of defense against rising energy costs and for moving more quickly towards net-zero emissions. And while there are certainly moments when outdated equipment needs to be replaced–such as outdated lighting– some major retrofit projects can often be expensive, wasteful, and disruptive. As a best practice, evaluating the need to replace aging equipment should be an integral part of a comprehensive assessment of your building’s energy performance. In this way, assessing building equipment
becomes part of a process which, in turn, supports a well-informed strategy that meets the immediate and long-term energy efficiency goals of your property. “Replacing equipment is not a magic bullet,” states Mike Mulqueen, SVP of Sales and Business Development at Parity. “Some retrofit opportunities are obvious and should be pursued to capture initial energy savings but there is a risk of wasting the opportunity if proper attention is not paid to ensuring the savings persist with proper operation of the equipment. Gaps in performance are inevitable, but without a close eye on even state-of-the-
art equipment, you’re going to waste time and money and end up dissatisfied with your capital investments,” he cautions. “At the end of the day, optimizing energy efficiency and reducing harmful emissions is more of a nuanced conversation than ‘Do we or don’t we take on significant retrofits and equipment upgrades’,” explains Mulqueen, “If property owners or building managers have not enlisted the expertise of a qualified engineering team or adopted a way to track and process the enormous amount of data a building produces–essentially the real story your property is telling you–then there’s no CONDOVOICE SPRING 2022
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