Shifting to Proactive/Predictive Maintenance Mindset
The first step of this shift is committing to monitoring the energy usage of different equipment in a facility. Installing IoT (Internet of Things) energy metering devices on a facility’s equipment gives complete visibility across a building's energy consumption. If a company uses IoT under an Energy-as-a-Service (EaaS) model, it can also identify opportunities for energy conservation, such as leaks or building systems running at off-peak intervals. Importantly, it can also alert you to low-performing equipment before it malfunctions and majorly interrupts operations.
For example, a global financial institution's real estate portfolio included a large portion of HVAC assets that had surpassed estimated useful life (EUL) and were leading to expensive emergency repairs. Given the scale of the aging infrastructure and the competition for internal capital and resources, the bank engaged an EaaS company to address its aging assets.
Redaptive provided the capital and resources to rapidly execute the HVAC optimization program for this client without impacting the day-to-day operations of its retail bank facilities. In total, the company saved approximately $52M gross energy and maintenance savings over the next 10 years.
The Question of Cost
Sometimes, what’s stopping a facility from making upgrades is not a lack of information but concerns about cost. This is understandable: upgrading one type of equipment across one building, let alone an entire portfolio, can cost millions and require resources a company just may not have.
Companies in this boat should consider working with an EaaS company that offers financial arrangements where the client pays for the upgrades through its savings over time. Some EaaS companies, such as Redaptive, will also manage data, audit sites, take care of sourcing and installation of new equipment, and monitor for potential tweaks all at once. This approach requires no upfront capital; in fact, it allows a company to save money from a decrease in emergency repairs and more efficient equipment.
Antidote to Facility Equipment Woes
Implementing a comprehensive monitoring system, powered by IoT energy metering devices, offers a level of visibility that was once considered a luxury but is now an essential asset in facility management. This shift not only ensures fewer emergencies and headaches down the road but also means waving goodbye to costly downtime. Additionally, staying ahead of potential legislation surrounding equipment replacement becomes a manageable task rather than a looming burden. By investing in a more proactive approach to maintenance, facility managers can not only save precious resources but also secure the future of their facilities, making them more efficient, safer, and better equipped to navigate the challenges that lie ahead. It's a win-win scenario that's hard to ignore, and the time to make this crucial shift is now.
