The Meridian Group Procures RECs for Entire DC Portfolio
The Meridian Group has procured renewable energy certificates (RECs) for nearly its entire Washington, D.C., area portfolio.
The Bethesda, Md.-based firm signed a contract with Constellation, a Baltimore-based company which produces carbon-free energy, to purchase renewable energy certificates to match almost the entirety of its electricity use in 2022, which averages 114 million kilowatt hours per year.
Meridian has purchased RECs for all but two of its buildings, with plans to buy RECs for the remaining two buildings by 2024.
RECs pay for renewable energy that flows into the electricity grid, even though it may not necessarily power Meridian’s buildings.
“By purchasing renewable energy credits, we are investing in renewable energy projects that are reducing greenhouse gas emissions as compared to traditional electric supply,” Stacy Lautar, senior vice president and director of property management for the Meridian Group, told Commercial Observer.
The RECs supplied by Constellation are Green-e Energy-certified and sourced from wind or solar energy generators throughout the United States. There is no monetary value to the RECs, though the company noted the expense is above the normal expense paid to the local utility provider.
The Meridian Group is expected to reduce greenhouse gas emissions associated with its energy use through these efforts by more than 19,000 metric tons each year, equivalent to emissions from more than 4,100 passenger vehicles driven for one year, according to the Environmental Protection Agency.
“Our plan is to continue procuring renewable energy every year,” Lautar said. “It’s important to us to reduce our environmental footprint, and we want to continue to contribute to a sustainable future. We utilize multiple consultants and technological partners to identify opportunities to be more energy efficient, therefore reducing our carbon footprint.”
The company also is pushing to reduce its total electricity use across its portfolio over the next five years.
“Meridian constantly evaluates ways to conserve energy. We regularly perform energy audits to identify ways to minimize consumption and work with our tenants to ensure energy consumption is measured and reduced where possible,” Lautar said.
“We’re putting measures into place to monitor and control energy demand, make capital upgrades to more energy-efficient equipment, and educating our tenants on how they can help us drive energy consumption down,” she said.
Keith Loria can be reached at Kloria@commercialobserver.com.