HOA sees big ROI from energy upgrades
After more than a million dollars of flood damage from frozen pipes in the winters of 2014 and 2016, the homeowners’ association at Nashville’s Artie Lee + Ruby May Condos faced soaring insurance premiums and growing repair bills. After hearing about the temperature control issues in the two attics, a friend at E3 Innovate told the Condo Association President about Pathway Lending’s Energy Efficiency Program.
“We had $900,000 worth of damage in December 2013 and another $250,000 in January of 2016 from our fire sprinkler pipes freezing and bursting,” says Johnny Epstein, President of the 3102 West End Circle Condo Owners Association. “By June 2016, we had our paperwork signed with Pathway to make sure the attics were insulated before we had to go through another winter worrying about flood damage.”
With a $100,000 Energy Efficiency Loan from Pathway Lending, the homeowners association has added 7 inches of low-VOC spray foam insulation to both attics along with temperature and humidity sensors to measure the performance of the upgrades. Since the installation, temperatures in the attics have never been below 61 degrees or above 88 degrees Fahrenheit, which has reduced insurance premiums.
“Our energy loan program offers condo associations a unique opportunity to finance important, and sometimes urgent, capital improvements,” says Brandon England, Pathway Lending’s Director Energy Efficiency Lending. Along with the insulation, the loan has allowed the COA to replace HVAC units, add controls to their garage lighting, and install an energy efficient gate operator.
“The electric bills have gone down 35% and our sprinkler and flooding problems are solved,” says Johnny. “Our story is pretty great, I think, and Pathway is a central part of making it happen.”