Sunday, June 25, 2017
CIC 4th quarter

Energy Savers Can Save You Money!

If you:

• Own a multifamily rental building of 5+ units in Cook, DuPage, Kane, Kendall, Lake, McHenry or Will County or the cities of Chicago or Rockford; and

• Are willing to allow program staff to review the energy bills for the building…

Then you are eligible for ENERGY SAVERS.

Energy is one of the least predictable operating costs in multi-family buildings. We can help! Since the program began, more than 59,000 apartment units have been assessed and over 26,500 units retrofitted as of May 15, 2016. Of the units retrofitted, $21.5 million in loans or grants have been processed through CIC. For a typical 24-unit building the annual savings can add up to $10,000 per year. You too can make an investment which can pay dividends in the future through the saving of energy through insulation, new lighting, efficient boilers, windows, thermostats, water-saving improvements, and more. Some owners have saved as much as 40% on their energy bills through this program.

For information about Energy Savers–including the FREE Energy Assessment of your building and CIC’s low-interest Energy Savers loans–contact CIC  at (312) 258-0070 or lending@cicchicago.com. These loans can be combined into an acquisition or refinance of your building. The process is not difficult, and the sooner you call, the sooner you’ll begin saving money!

CLICK HERE FOR AN EXAMPLE OF A REAL ENERGY SAVERS DEAL

WHERE ENERGY SAVERS LOAN CAPITAL COMES FROM

At the beginning of 2012, CIC received $8.5 million for low-cost energy loans and administration from Bank of America to expand its energy- efficient retrofit financing programs. CIC received another $6 million from the John D. and Catherine T. MacArthur Foundation for the energy lending program.

“To our knowledge Energy Savers is the most successful program of its kind in the country, and these generous investments by Bank of America and the MacArthur Foundation will allow us to significantly expand our Energy Savers Fund,” said CIC President Jack Markowski. “The money saved from energy improvements is very important for preserving affordable housing in the Chicago area.”

In addition, the Chicago Metropolitan Agency for Planning (CMAP) invested $2.75 million and the City of Chicago $1 million to fund a loan loss reserve for the CIC Energy Loan Fund. Together these investments total more than $18 million for the Energy Loan Fund, which is expected to finance the energy retrofit of approximately 5000 additional units in the Energy Savers service area. The Energy Savers program serves Cook, DuPage, Kane, Kendall, Lake, McHenry and Will counties, as well as the cities of Chicago and Rockford.

CIC’s nonprofit partner in the Energy Savers program is Elevate Energy.

A RESEARCH-BASED REPORT ON ENERGY SAVINGS

Measuring achieved energy and water retrofit savings is critical to improving and expanding energy and water saving efforts. Better data can provide investors and owners with the confidence to make large-scale investments.

In June, 2014 the U.S. Department of Housing and Urban Development’s Green Retrofit Program and the Energy Savers Program in Illinois published a detailed report, Energy and Water Savings in Multifamily Retrofits. Nearly 60 Energy Savers projects in the Chicago area were analyzed and focused primarily on reducing gas use in central heat and domestic hot-water systems. An eight-page excerpt from the study is here, and the full 67-page report is here.

Photo: Marc PoKempner

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