CAMBRIDGE APARTMENTS, INC. ENERGY EFFICIENCY PROJECT

YE A R O N E C A S E S T U DY | JULY 2014

December 11, 2014

Belay Energy has done an outstanding job educating us on the potential of various energy saving projects for our rental properties. Belay provided us with an excellent up front financial analysis explaining the costs and the estimated savings and then managed all the appropriate subcontractors and rebate paperwork for us to realize the savings. Working with them was a breeze.

I really have appreciated Belay’s commitment to the one year follow up which has consistently demonstrated actual savings equal to or usually greater than the original estimates. They do all the leg work with the utility companies to get the data needed for the follow up.

Belay was very easy to work with. Ryan and his team are clearly industry thought leaders. I wish we could have started working with them much earlier. We had been leaving a lot of money on the table.

There are so many cost saving opportunities for rental property owners. An owner would be foolish to ignore the potential. Not only is it the right thing to do from the “green perspective”, it is also money in your pocket, a true win/win.

Dave DahlPresidentCambridge Apartments, Inc.

TESTIMONIAL

Cambridge Apartments, Inc.

Commercial Real Estate and Apartments

GOALS:

Identify and implement opportunities to reduce utility and operating costs with energy efficiency investments

Identify risks to facility operations

Identify, source, and install projects in order to maximize diminishing utility rebates

Projects must realize a simple payback of less than five (5) years

SCOPE:

Lighting retrofits installed in 5 facilities

Water retrofits installed in 4 facilities

Measured results do not include West View Business Center and Parker’s Lake due to NNN lease structure

MN FACILITIES WITH PROJECTS INSTALLED

PROJECT SUMMARY

82% 17% 1%$43,500

Annual Utility Savings*

Utility Rebates

Negotiated Contractor Discounts

* Measured Savings represented are realized annually

All numbers are inclusive of fees to Belay Energy

Gross Total Project Cost $78,430

Less: Total Utility Rebates $7,590

Less: Negotiated Discounts $600

Net Total Project Cost $70,240

Annual Utility Savings $35,382

Payback (years) 1.99 yrs

10yr Estimated Net Cash Flow $335,371

Year 1 Cash on Cash Return 50%

Internal Rate of Return (IRR) 52%

Net Present Value (NPV) @ 8% $196,896

MEASURED ANNUAL UTILITY

FINANCIAL RESULTS

Water usage of 156 Minnesota households for one year

Emissions produced by the electricity used in 3.2 Minnesota homes for one year

Carbon reduced by planting 910 tree seedlings grown for 10 years

Emissions produced by 7.5 passenger vehicles for one year

ENVIRONMENTAL BENEFITS

* Equivalent water measure based on 3.99 million gallons saved and conversion rate of household water usage supplied by Minneapolis Public Works* Equivalent electricity measures based on 51,489 kWh saved and conversion rates supplied by Environmental Protection Agency (EPA)

B E L AYE N E R GY. C O M

C O N T A C T I N F O R M A T I O N :

RYAN LEE ANDERSONPrincipal

612 802 4287 mobile

ryan@belayenergy.com