Josh Sargent prides himself on having well maintained buildings. The mission of sound family affair, where he acts as a portfolio manager focused on capital improvements, involves retrofitting buildings constructed primarily in the 1960s and 1970s to be more durable and operational. For Sargent, energy efficiency is at the heart of this mission.
After Sargent’s family purchased Cedar Crest in 2015 and Upland Terrace in 2017, both originally built in the 1970s, they quickly installed insulation in both properties and new efficient windows in Upland Terrace with using cash incentives Energy Trust of Oregon.
During the summer of 2021, temperatures hit an all-time high, and Sargent began to think it was “unreasonable to rent apartments without air conditioning in Oregon.” Sargent decided it was time for additional energy upgrades and contacted Energy Trust for help. Electricity bills dropped “immediately and dramatically” after Sargent installed 69 ductless heat pumps (DHPs) in apartments in Cedar Crest and Upland Terrace. Sargent received approximately $55,200 in cash incentives to help reduce the cost of installing energy-efficient DHPs at the two properties.
As a result of these upgrades, residents of Cedar Crest and Upland Terrace have found their energy bills to drop significantly. “Residents’ monthly electricity bills were much cheaper, which in the apartments we manage [which are] low income to lower middle income, even a small reduction counts a lot,” Sargent noted. The ductless heat pump upgrades will save residents of both properties approximately $11,500 combined on annual utility bills.
Sargent received nothing but positive feedback from residents. “Residents have commented on how much more comfortable their apartments are since installing the new ductless heat pumps and all the energy savings we can provide to our residents is huge for them.” The apartments are quieter and the residents have a much better quality of life. “We have tenants with disabilities like COPD. Things like this really make their lives better.
To other property owners considering working with Energy Trust on property improvements, Sargent says “it’s really easy, a lot easier than you might think, and everyone at Energy Trust is incredibly helpful and will make it happen. works for you”.
For more information on multifamily property upgrades, call 1.877.510.2130, email multifamily@energytrust.org or visit www.energytrust.org/multifamily.