Recent research from Bilinger GVA’s Green to Gold 2016 survey found 43% of property firms had not yet assessed the impact of the new Minimum Energy Efficiency Standards (MEES) on their portfolios.
‘Operational energy efficiency is where large improvements are needed,’ begins the report. ‘Over 90% of respondents think that MEES will be very important.’ Why then are firms so slow to actually plan energy efficient installations? 2018, the date when the laws kick in, is not far off.
The slow uptake of urgency on MEES
‘Our message to those yet to assess their portfolios is that now is the time to start, in order to avoid exposure to unnecessary risk and disruptions to transactions or lease negotiations as we approach 2018,’ explains the report.
“The findings should set alarm bells ringing across the industry,” said Alistair Mant, Director and Head of Sustainability at Bilfinger GVA.
“Existing corporate and fund level sustainability strategies are not translating into the level of change at acquisition and management level.
“F and G rated EPCs are known to be a risk, but the actual level is still largely unknown, while action on mitigating climate change is set to be far below the required level to meet national and global targets.”
Richard Griffiths, Head of Commercial Policy and Partnerships at the UK Green Building Council, said the figures should serve as a stark reminder.
“It’s a big number of companies that haven’t engaged with MEES, but this could provide a wake up call.”
The path to meeting MEES
“From BG’s perspective, we wish to categorically underline the sense of urgency and the business benefits of MEES and energy efficient technologies,” explains Gareth Barber, Managing Director of BG Energy Solutions.
“MEES offers more than just a retrofit. When your portfolio is efficient, you can sell to tenants on that basis; properties are more comfortable, more modern and less expensive to heat and power.
“You can brand your firm as a futurist, green letting agent. There is a lot more available from a business perspective than simply upfront cost. And where costs do exist, the ROI for today’s efficient tech, like lighting and boiler controls, is rapid.