Engaging tenants for energy data insights
Case Study W.P. Carey
W.P. Carey, an American-based REIT, boasts a vast and diversified portfolio in the United States and Europe with a primary focus on single-tenant industrial and logistics properties. Their occupiers carry a major responsibility in shaping the environmental performance of their buildings, making tenant engagement a top priority. The firm wants to make sure these clients are happy and supported, while also ensuring their own compliance with European environmental legislation. hello energy was tasked with helping W.P. Carey connect with their tenants, collect detailed energy data and generate real energy and cost savings across their European portfolio.
The challenge
With tenants having responsibility for property maintenance and operations, W.P. Carey sought to be more proactive and collaborative on sustainability, opening up new opportunities for property investment and reduction of emissions. Regulations and stakeholder pressure to manage and report consumption data also underscored the need for an effective solution. With tenants becoming increasingly focussed on sustainability, and with limited insight into the energy performance of their properties, W.P. Carey set out to find the right partner to collaborate more effectively with their tenants and become an industry leading REIT in ESG and sustainability.
“We needed to start collecting energy data so we can spot the outliers, where we can find those big wins, keep the tenant happy and comply with legislation. We felt hello energy was the right partner for that.“
Willem Hoes
The solution
To overcome these challenges, W.P. Carey recognised the need for reliable data services. With tenants in the past being hesitant to share their utility data, hello energy proved a highly effective tool for achieving tenant authorisation while providing them with a comprehensive energy insights platform in return. Thanks to hello energy’s vast experience in connecting metering systems directly to their data platform, W.P. Carey no longer has to manually collect invoices or experience gaps in data coming from their tenants.
Obtaining tenant data authorisation
Incentivised tenants to share their data while respecting their privacy, embarking on a secure and shared mission towards sustainability.
Gaining insights into energy performance
Gathered high quality utility data directly from metering companies and smart metres, allowing for regulatory compliance and accurate reporting.
“We used to have data gaps and had to collect energy invoices manually, which took a lot of time. With hello energy, the data quality is very high and I save a lot more time, which I can spend on other projects.“
Willem Hoes
The results
W.P. Carey’s partnership with hello energy has generated significant improvements in data collection, accuracy and efficiency, having now covered up to 40% of its entire European portfolio. With a streamlined process for data authorisation, they no longer need to rely on tenants to manually provide sensitive billing information. With hello energy’s extensive data services, the firm has streamlined data validation, reduced inconsistencies in utility data while meeting regulations and saving valuable time.
Improved data quality and eliminating critical data gaps.
Saving time and energy that can now be allocated to other value-generating projects.
Accurate data for reporting and complying with diverse regulatory requirements.
Lowering energy costs for tenants, mutually benefiting all parties.