NEW YORK--(BUSINESS WIRE)--Logical Buildings, formerly Energy Technology Savings (ETS), a smart building software and solutions company that creates real-time transparency and data-driven insights for building operations, today announced that Edison Properties LLC (owner of self-storage company Manhattan Mini Storage) has expanded the Logical Buildings SmartKit AI™ technology from one to six sites in New York City. This will further reduce Edison Properties’ energy costs while easing stress on the electric grid with a virtual power plant (VPP)–a network of buildings with the capacity to quickly reduce their electricity demand using SmartKit AI. This newly-created VPP will provide demand reduction when it is needed most—like when regional electricity demand is highest during heat waves—while also opening opportunities to trade or sell this supplemental capacity on the open market.
SmartKit AI, in combination with Internet of Things (IoT) sensors and other hardware, unifies monitoring and control of a building’s energy-consuming equipment onto a single platform. The user-friendly SmartKit AI mobile app (available for Android and iOS) empowers building staff, from owners to managers, to monitor energy use, make energy-saving decisions from anywhere and collect rewards when they do. Logical Buildings’ real-time technology platform enables Edison Properties to receive government and utility incentives on the installation and maintenance of the system from the New York State Energy Research and Development Authority (NYSERDA) Real Time Energy Management (RTEM) program and the Con Edison Demand Management Program (DMP). After one year of working with Logical Buildings to address high energy costs at its largest property, Edison Properties staff achieved an approximately 10 percent reduction in electricity consumption and a 25 percent reduction in electricity expenditures.
“Through the savings we achieved working with Logical Buildings and the programs and rebates their products made available to us, we were able to see a payback on our investment in the hardware and software in less than a year,” said Greg Maser of Edison Properties. “We’re now looking to scale the return we generate from advanced energy management by rolling it out across more buildings in our commercial portfolio.”
The SmartKit AI platform creates and integrates data from Edison Properties’ electricity-consuming equipment with external signals from the electric grid, such as demand response and other time-of-use price indicators, to curb energy consumption when rates are highest. During a record heatwave in early July, SmartKit AI received stress signals from both the New York State grid operator and Con Edison and responded by reducing the building’s electricity consumption by 40 percent, generating demand response revenue for Edison Properties. The platform also provides 24/7 optimization of HVAC systems, reducing energy consumption on a daily basis.
“Our incentives can in many cases offset more than 70 percent of the costs of an energy upgrade to a building,” said Vicki Kuo, Director of Energy Efficiency and Demand Management of Con Edison. “We congratulate Edison Properties and Logical Buildings for successful upgrades and controls technology investments that save energy, money and empower our customers to manage demand.”
“NYSERDA's Real Time Energy Management program is designed to accelerate the adoption of smart buildings and help customers unlock the full value of energy efficiency,” said Michael Reed, NYSERDA RTEM Program Manager. “Projects like this one between Logical Buildings and Edison Properties are a great example of how companies and customers can work together to leverage real-time data to reduce costs, decrease greenhouse gas emissions and help create a more sustainable future.”
“Businesses and building owners have an untapped opportunity to become energy providers and generate revenue while cutting operating costs,” said Logical Buildings CEO Jeff Hendler. “We see Edison Properties’ success as a powerful symbol of the new Logical Buildings brand and look forward to creating similar success stories for commercial and multifamily residential buildings as our company continues to grow in the New York metro area and beyond.”
About Logical Buildings
Logical Buildings (formerly Energy Technology Savings or ETS) is a smart building software and solutions company that helps reduce energy and operating costs, achieve sustainability goals and improve tenant comfort for multifamily and commercial properties. Logical Buildings’ software platform, SmartKit AI, creates and applies property-specific data to influence the behavior of property managers and convert energy savings opportunities into higher net operating income and net asset values for existing buildings and those under development. Built by energy and telecommunication systems engineers and our shareholders – owners and developers of more than $10 billion of multifamily and mixed-use properties – Logical Buildings is committed to growing your building’s revenue while reducing its energy costs and enhancing tenant lifestyle. For more information, visit www.logicalbuildings.com.