 Energy-Efficiency Updates: Benchmarking, EPA Campaign for Utility Data, and 2024 48(e) Application Period Opens
Dear Owners and Operators,
This email contains important updates regarding:
- Multifamily Benchmarking Initiative
- EPA's Campaign to Unlock Whole-Building Energy Data
- 2024 Application Portal Opens for Low-Income Bonus Credit Program
Multifamily Benchmarking Initiative
More than 700 properties have already signed up for HUD’s Multifamily Benchmarking Initiative, providing no-cost energy and water benchmarking services to eligible HUD-assisted properties. Funded with more than $40 million from the President’s Inflation Reduction Act, this initiative supports efforts to lower energy costs while promoting climate resiliency, preservation, and sustainability in the nation’s housing supply. The best time to sign up is now so that your properties receive more years of free benchmarking.
To get started, visit https://www.hud.gov/GRRP/Benchmarking or send your property information to mfbenchmarking@hud.gov.
EPA's Whole-Building Energy Data Campaign for Multifamily Buildings
The Environmental Protection Agency (EPA) just announced its Whole-Building Energy Data Campaign to assist building owners in communicating the need for whole-building energy use data to utilities.
Provide Your Input on Access to Whole-Building Energy Use Data
EPA is seeking input from building owners and managers, companies that provide support for benchmarking, and others to learn more about whole-building energy data needs. Complete this 10-minute form which will ask you to identify priority utilities where this data is needed most and share the importance of obtaining this information for your organization. Please provide your input by June 7, 2024.
About the Campaign
While more and more utilities are making whole-building energy use data available to owners, over 90 percent of U.S. utilities do not provide this service. The lack of whole-building energy data frequently prevents owners of building types where tenants are responsible for at least some energy bills, particularly multifamily buildings, from gaining a full understanding of their buildings and taking steps to make them more energy efficient. The whole-building energy data campaign aims to address this problem by supporting building owners in making the case to utility companies for the importance of data access.
Knowing energy usage is essential for building owners to understand, document, and improve their building’s performance, as well as access new incentives. View EPA’s utility data access map showing utilities that currently provide this data.
Low-Income Communities Bonus Credit Program Applications Portal for 2024 Opens
The Department of Treasury, IRS, and Department of Energy announced the opening of application portal for 2024 program year of the Low-Income Communities Bonus Credit Program. Beginning May 27th, applications are being accepted with a 30-day initial application window that concludes at 11:59 pm ET on June 27. During this 30-day initial application window all applications will be considered as submitted at the same date and time. Applications submitted after the 30-day application window will then be evaluated on a rolling basis.
The Low-Income Communities Bonus Credit Program promotes cost-saving solar or wind investments in low-income communities, on Indian land, as part of affordable housing developments, and benefitting low-income households.
The Low-Income Communities Bonus Credit supplements the existing Clean Electricity Investment Tax Credit (sometimes referred to as “48E”). The standard 48E credit provides owners with a base credit of up to 30% of the cost of a renewable energy project. In particular, the Low-Income Communities Bonus Credit can add 20 percentage points to the base credit for solar or wind installations at low-income residential buildings considered eligible covered housing, which includes most HUD-assisted multifamily housing properties.
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