Save with Washington Gas’ Multifamily Incentive Program
November 13, 2018 11:22 am11/13/2018 11:22am
If you’re interested in adding natural gas to your multifamily project, consider partnering with Washington Gas before you begin planning and designing your next project or repositioning your existing asset.
The Donaldson Group, a full-service real estate management and investment company, received $1.2 million when utilizing Washington Gas’ Multifamily Incentive Program (MIP) to replace their 864-unit garden-style apartment complex’s inefficient central heating plants to individual-unit natural gas utility meters.
“We had several meetings between Washington Gas and our MEP (mechanical, electrical and plumbing) engineer to devise a plan that would allow for a full decommissioning of the central plant and doing it in the least amount of time as possible,” said Scott Altman, Executive Vice President of The Donaldson Group. “Washington Gas was instrumental in our decision to use gas as an alternative energy source. Their project management team came onsite to provide options for meter placement throughout the property. They also had manufacturers join them to provide recommendations for equipment placement and guidelines for installation.”
Because of Washington Gas and the MIP, The Donaldson Group reduced its energy costs and increased annual net operating income by more than $1.3 million to improve the value of their property by over $20 million. Simultaneously, their tenants benefited from long-term energy savings and improved comfort and convenience that comes with having natural gas.
Washington Gas’ MIP is available to help lower first costs for developers who choose individual-unit natural gas utility meters for their multifamily projects. Property owners and asset managers of existing apartment buildings with either full electricity or single-building gas meter(s) can also benefit from the MIP when they convert their buildings to individual-unit natural gas utility meters.
If you’re interested in adding natural gas to your multifamily project, consider partnering with Washington Gas before you begin planning and designing your next project or repositioning your existing asset. Your project may be eligible to receive a development incentive from Washington Gas to offset the cost of installing natural gas piping and venting.
While incentive amounts vary by project, eligible funds could potentially cover houseline installation costs completely – resulting in significant savings for both new construction and existing multifamily projects.
Here are some real examples of what multifamily developers and owners have received below:
To qualify for Washington Gas’ MIP:
The project (rental or condo) must have four or more units.
The project must be located within Washington Gas’ service territory.
The project must receive approval after Washington Gas’ cost-benefit lifecycle evaluation.
Project must be in the pre-construction stage of development.
Customers must agree to submit documentation of their internal piping installation cost upon completion of work.