The Stansbury Condominiums
75-unit market-rate owner occupied
property in Salt Lake City, UT
Total cash rebate from utility: ~$74,895
Project payback: ~9 years
Total project cost: ~$399,800
Carbon saved annually: ~275 Tons
The savings was generated by
replacing central boilers and chillers
with 75 new energy efficient cold
climate heat pump HVAC units.
Stansbury Condos had a very old and inefficient central boiler and chiller system, with high repair and utility costs paid by all tenants through their HOA dues. They decided to convert to an efficient all-electric HVAC system and they needed energy financing to fund the project.
Rather than install standard electric fan coils, we suggested they consider a central electric HVAC solution such as a VRF and unitary heat pump-based HVAC units in each apartment. The unitary solution would move the heating and cooling costs to individual owners and eliminate any waste due to the ‘tragedy of commons’. The utility and repair cost savings would result in a small reduction in HOA dues for each tenant, while the HOA dues would pay for the energy financing for the next 8 years. And after the investment was paid off, HOA dues would be reduced accordingly. Stansbury decided to upgrade to high-efficiency unitary heat pumps and leverage the RMP incentives to reduce their energy financing costs.
ICAST is a nonprofit social enterprise providing social, economic and environmental benefits to local communities including achieving affordability of housing, impacting climate change and creating local jobs through green upgrades of multifamily apartments.
Details of our services are provided at www.icastusa.org