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A report by Deutsche Bank CSR x Living Cities
Prepared by Steven Winter Associates and HR&A Advisors
January 2012

The retrofit industry has largely relied on public subsidies, a limited resource that has constrained the industry's ability to scale. This study addresses a key bottleneck: the lack of confidence in energy savings for lenders to underwrite loans against. To address the data gap on energy reduction potential from upgrades, Deutsche Bank and Living Cities created a public database of multifamily housing projects throughout New York City and a companion report on the potential savings from their retrofit investments. 

The study looked at more than 230 multifamily buildings using the New York State Energy Research & Development Authority's Multifamily Performance Program (NYSERDA) dataset to develop a methodology that could serve as a basis for developing underwriting loans for multifamily retrofits. 

Strategically "capping" projected savings that may be overly optimistic establishes a conservative upper boundary. A lender could rely on the projections that fall under that threshold, closing the gap between actual savings and projected savings.

The study also concludes that fuel measures save more than electric measures, and that actual savings are strongly correlated with pre-retrofit fuel usage:

These findings called for a proof-of-concept project, and will be used by NYC Energy Efficiency Corporation (NYCEEC) to pilot new guidelines and develop new resources.

For more information, see "Related Resources" in the right-hand sidebar, or visit the Deutsche Bank website here.


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