A recast of a presentation done for the Fairfax Chapter of Association of Energy Engineers in November of 2013. Presentation focuses on the the Advanced Energy Design Guides published by ASHRAE with association of AIA, USGBC, and IES with funding and technical support from DOE, NREL, and PNNL. In addition, the DOE Advanced Retrofit Guides are also discussed. Both sets of guides are available for download from this resource database.
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The commercial real estate mortgage market is enormous, with almost half a trillion dollars in deals originated in 2015. Relative to other energy efficiency financing mechanisms, very little attention has been paid to the potential of commercial mortgages as a channel for promoting energy efficiency investments. The valuation and underwriting elements of the business are largely driven by the “net operating income” (NOI) metric – essentially, rents minus expenses. While NOI ostensibly includes all expenses, energy factors are in several ways given short shrift in the underwriting process. This is particularly interesting when juxtaposed upon a not insignificant body of research revealing that there are in fact tangible benefits (such as higher valuations and lower vacancy and default rates) for energy-efficient and “green” commercial buildings.
This scoping report characterizes the current status and potential interventions to promote greater inclusion of energy factors in the commercial mortgage process. It includes the results of
a literature review and extensive stakeholder discussions with 40 lenders, owners, service providers, advocacy organizations and others.
The text below includes sample language and potential resources that may be used to complete appraisals of a green or high performance building. It is not intended to serve as a complete or comprehensive list, and should be utilized as a guide aid in the development of the appraisal report. Highlighted sections represent those that require specific attention from appraisers, and should be customized as necessary to reflect the actual resources and information used during the appraisal process.
This guidance walks building owners through five steps to obtaining an appraisal that evaluates the energy efficiency benefits
of high performance buildings. This may help obtain favorable terms with a lending institution.
STEP 1: Gather the information a lender or appraiser will need to analyze your property.
STEP 2: Provide contact information for development or retrofit professionals involved with the property.
STEP 3: Ask questions at the time of your loan application.
STEP 4: Review the completed appraisal closely – and objectively.
STEP 5: Ask follow-up questions regarding the appraisal report.
Article in the Whole Building Design Guide about the uses and features of metal roofs that meet "cool roof" standards.