Tishman Speyer Demonstrates Leadership in Climate Tech and Financial Inclusion by Paying Residents for Reducing Carbon Emissions
For the first time in New York, sub-metered residents at Tishman Speyer’s Jackson Park multi-building apartment complex in Long Island City earned grid services revenue using groundbreaking virtual powerplant technology from Logical Buildings and SATEC
Located in Long Island City, New York with over 1,800 units, Tishman Speyer’s Jackson Park multi-building apartment complex has become one of the first multifamily properties in New York City to utilize groundbreaking virtual powerplant (VPP) technology from Logical Buildings and SATEC to give sub-metered residents the ability to earn money just by reducing their carbon footprint. The result? The complex generated close to $50,000 in demand response revenue and created a VPP of 500kW. This energy reduction equates to taking about 500 homes off the grid.
The partnership leverages new, remotely-integrated Con Edison smart meters that provide detailed information on residents’ energy usage and enables residents to serve as a grid resource, ready to be called upon to alleviate strain on the grid. The integration of Con Edison’s smart meters and SATEC’s sub-metering platform allows Logical Buildings to analyze more than 60 million electricity usage data points across 1,800 apartments to equitably allocate the impressive sum of demand response revenue.
This bold move by Tishman Speyer is a clear demonstration of climate tech leadership and financial inclusion. During peak demand times — when power generation emits twice as much carbon dioxide, Tishman Speyer leverages usage data to inform residents how to shift their power consumption, and in turn, have an outsized environmental impact by engaging with VPP technology. At the conclusion of the season, residents and the building’s operations team were rewarded for their efforts, some even earning over $200.
“Tishman Speyer is really excited to partner with Logical Buildings and GridRewards to engage our residents in our carbon reduction strategies,” remarked Jonathan Flaherty, Tishman Speyer’s Global Head of Sustainability and Building Technologies. “By providing opportunities for residents to participate in this valuable Con Edison grid services program, we are able to reward our residents for using less energy.”
“Small change adds up, we always like to say,” said David Klatt, Logical Buildings’ COO. “When you give individuals the knowledge and resources to enact change, they are going to rise to the occasion.”