仲量联行：2026年智慧能源经济学：降本增效与价值提升：如何优化不动产组合的能源效率与韧性研究报告（英文版）

Smartenergyeconomicstocutcostsandincreasevalue

Howtoimproveenergyefficiencyandresilienceacrossyourrealestateportfolio

O)JLL

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Smartenergyeconomicstocutcostsandincreasevalue

Examiningenergychallengesfromaportfolioperspective

Forrealestateleaderstoday,energyhasshiftedfromapredictablelineitemtoagrowingbusinessconcern.ltshowsupacrosstheportfolioin

operatingbudgets,tenantconversations,

developmenttimelinesandriskplanning.Everyportfoliothereforerequirescomprehensive

energy-smartstrategies.

Severalforcesareconvergingtocreateanurgentneedforforward-thinking,proactiveresponsestoevolvingenergychallenges.

Buildingsplacetremendousdemandsonour

energyinfrastructure,especiallyinenergy-

intensivesectorslikeadvancedmanufacturing,datacenters,lifesciencesandhealthcare.Allin,

buildingsconsume75%ofallelectricity

intheU.S.Demandisonlyincreasingamidindustrialonshoring,automation,buildingandvehicle

electrification,andAl-drivendatacentergrowth.By2030,

totalelectricityuseintheU.S.is

setto

increaseby25%,

accordingtoICF.

l

nmostU.S.markets

,gridsalreadyoperatenearcapacity,loadisgrowingfasterthan

gridinfrastructurecanhandleanddeferred

maintenanceisreducingitsabilitytorespondtothisdemand.

Meanwhileinrealestate,agingequipmentwhichisill-equippedtodealwithmodernpower

demandsandextremeweatheraremaking

outagesmorefrequent.Theimpactsare

portfolio-wide:disruptionsaffectbusinessas

usual.Andenergyavailabilityandreliability

questionssurfaceearlierindevelopment,retrofitandcapitalplanning,limitingoptionsand

fuelingriskofhighercostsanddelayedprojects.

Volatileenergypricinghasbecomecommoninrecentyears.Between2020and2025,U.S.

commercialelectricitypricesincreased

byapproximately33%afterremainingflatforthepreviousfiveyearperiod,JLLfiguresshow.

Forallthechallenges,thismomentalsocreatesopportunity.Thisplaybookoutlinesquickwins,suchascuttingenergyuseandnegotiatingwithutilitycompanies,andlonger-termstrategiesforoptimizinghowyourbuildingsuse,manageandsourceenergy.Theseapproachesreduceyourexposuretomarketvolatility,improvefinancialperformanceandreducedisruption.

Smartenergyeconomicstocutcostsandincreasevalue

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02

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Energystrategies

Short-term

Long-term

UtilitybillauditAddenergyresources

乡

Energyaudit

Monetizeon-sitepowerinfrastructure

Negotiatewithutilityproviders

Smartenergyeconomicstocutcostsandincreasevalue

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Short-termstepstoimproveenergyeconomics

Strategicenergymanagementstartswithaseriesofquickwins.Utilitybillauditsandenergy

assessmentsareclearentrypointstopinpointimmediateinefficienciesandsavingsandlaythegroundworkforlonger-termsuccess.

Strategy1:Pinpointoverchargesthroughautilitybillaudit

Autilitybillauditisaneasywaytostartreducingenergycosts.Expertsconductadeep-diveanalysisofyourenergyinvoicestoensureaccuratebilling,includingidentifyinganypotentialspecialrate

structuresthatwerepreviouslyoverlooked,andtorecoverhistoricalovercharges.

Billingerrorsfromincorrecttariffs,meterissuesandclericalmistakesareincreasinglycommonandoftengounnoticed,resultinginsubstantialfinanciallosses.Whenhistoricalauditsidentifyovercharges,companiestypicallyrecover1%-5%oftheirportfolio’sannualenergyspendacrosselectricity,gas,waterandwaste.

Adetailedutilitybillauditisespeciallyrecommendedifyou:

•Spendmorethan$5millionannuallyon

utilitiesorhaveanaverageannualspendperaccountofatleast$40,000

•Lacktheresourcesforaline-by-linebill

reconciliationorarobustutilitymanagementsystem

•Areconcernedaboutcomplexorchangingutilityrates

Thestrategyinaction:Alargerailway

transportationcompanywantedtoensurebillingaccuracyacrossitsvastportfolioofU.S.

properties.Afteracompetitivebid,JLLanda

specialistpartnercollected36monthsofdataforthecompany’s118electricityaccountsand25

naturalgasaccounts,segmentedbystateandutilitytoensurecorrectrateschedulesandtariffstructureswereapplied.

Thisgranularapproachresultedin143individualmodelsperformingline-by-linereconciliationofallcharges,auditingmorethan5,148invoices

and35,050individualinvoicecharges.The

analysisofelectricityandnaturalgasdeliveryinvoicesfoundover$200,000inpotentiallyrecoverableovercharges.

Smartenergyeconomicstocutcostsandincreasevalue

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Strategy2:Improvebuildingefficiencywithanenergyaudandretro-commissioning

it

Energyinefficiencyfromagingequipment,

bottleneckedsystemsandoutdatedpracticescancostbuildingownersandoccupierssignificant

sumseachyear.Anon-sitereviewofbuilding

operationalperformancecanpinpointno-and

low-costimprovementsandhighlightcost-effectivemeasurestosaveyoutime,resources

anddollars.

Anenergyauditbringsinourexpertstoobserve

buildingsandsystemsandconsultwithfacilitiesteamstogatherinformationaboutenergyusage.Dependingonthesizeoftheportfolio,thisprocesstypicallytakes8-12weeks.

Oncecomplete,yougetaroadmapforenergy

conservationmeasuresdesignedtogenerate

immediatereturns.Recommendationstypicallyincludeoptimizationmeasures,suchasadjustingcontrolsfortemperatureandlightingsystems,

orcapitalimprovements,likereplacingHVACequipmentornon-LEDlighting.

Thestrategyinaction:Afinancialservices

clientwithmorethan2,500realestateholdingsacrosstheU.S.wantedtocutitsenergyuseaspartofwidersustainabilityplans.Through

energyauditsandengineeringservices,JLLidentifiedmorethan$1.2millioninannualenergysavingsandpathwaystoachieve

15%emissionsreductions.

Theinsightsledtoretro-commissioning

projects,includingfixesforimmediateneedsofaproprietaryandunsupportedHVACcontrolssystem.Interventionsduringsitewalksledtoanimmediate30%reductioninenergycosts.Theteamalsofoundpotentialsavingsofmore

than$2milliononachillerreplacementconstructionproject.

Didyouknow?

Usinglessenergyisthefastestwaytocurbrisingenergycosts,whilesupportingoperational

efficiencyandcompliance.Afteranaudit,ourclientstypicallyreduceenergyuseby20-30%,savehundredsofthousandsofdollarsayearonexistingbills,andcatchissuesbeforethey

becomeexpenses.

?

Smartenergyeconomicstocutcostsandincreasevalue

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Strategy3:Talktoyourutilityproviders

Anotherwaytotacklerisingenergycostsand

mitigatesupplyrisksistorethinkyourapproachtoenergyprocurement.Startbytakingacloselookatyourexistingagreementswithutilityproviders.Isthereroomtorenegotiateyourenergycontractstosecuremorefavorabletermsandcostguarantees?Ratherthanacceptingstandardpublishedtariffs,largeenergyuserscanusuallyenrollincost-savingprogramsor,inthecaseofuniqueloadprofiles,

evendiscusscustomratestructureswiththeirutilityprovider.Customratestructures

mayinclude:

•

Time-of-use(TOU)pricingmodificationsDemandchargerestructuring

Interruptibleservicediscounts

EconomicdevelopmentincentivesLargeloadfactortariffs

Organizationswithsignificantenergyuseand

longer-termtimeframescanalsoconsider

alternativecontractstructures,suchaspower

purchaseagreements(PPAs)andvirtualpower

purchaseagreements(VPPAs),thathedgeagainstfuturepricevolatilitythroughfixed-pricecontractsthatgenerallylastbetween10and25years.

Atahighlevel,aPPAallowsyoutosecureenergypricingovertimebycontractingdirectlywitha

third-partyrenewableenergydeveloper,typicallytiedtoassetslikewindorsolar.Intraditional

PPAs,thebuyer(alsoknownastheofftaker)takesdeliveryofelectricitywhilereducingexposuretofluctuatingutilityprices.

VPPAstakeadifferentapproach.Ratherthan

deliveringpowerdirectly,thesefinancial

agreementsaretiedtomarketprices,enablingyoutolockinafixedratewhiletheelectricityitselfis

soldintothegrid.Inthisway,VPPAscan

Smartenergyeconomicstocutcostsandincreasevalue

improvepricepredictabilityandsupportnewrenewablegenerationinalignmentwithportfoliogoals.

ForCREleadersconsideringalternativecontracts,thekeyquestionsarelessaboutcontractandmoreaboutfit:DoesaPPAorVPPAalignwithourload,risktolerance,occupancystructureandlocation?Thestrategyinaction:Amultinationalbusinesssoftwarecompanyspentmorethanayear

searchingforarenewable,flexibleandprice-

competitiveenergysolutiontopoweritscorporateheadquarters.Itwasachallengingaskbecause

mostPPAshaveatleast20yeartermsandtheunderlyingpowerproducerstypicallyprovidemorepowerthanneeded.Leadershipturnedto

JLLastheirtrustedpartnertohelpfindthebestpathforward.

OurEnergyAdvisoryteamidentifiedtwooptions:anoff-the-shelfdealfromasolarprojectwith

excesscapacityorawindprojectlessthan50

milesfromtheheadquarterscampus.Aftertheteamprovidedalike-for-likecomparisonofthetwodeals,theclientagreedtoaneight-year,3

MWPPAsourcedfromthewindproject,withoutincreasingtheirexistingenergybudget.Duringitsterm,thecontractisprojectedtosave$1

million,whiledeliveringpricecertaintyand

reducingcarbonemissions—proofthattherightenergydealprioritizeseconomicswithout

sacrificingenvironmentalgoals.

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Smartenergyeconomicstocutcostsandincreasevalue

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Long-termmeasurestolevelupenergyeconomics

Whileauditsandutilitiesnegotiationscandeliverquickwins,investinginyourenergyinfrastructurecangeneratesubstantial,long-termgains—protectingyourrealestateportfoliofromfuturepricingand

supplychallenges.

Strategy4:Addenergyresourcestocreatelong-termrevenuestreams

Thenextlevelofenergymanagementinvolvesgeneratingandstoringiton-site.

DistributedEnergyResources(DERs)aresmaller-scaleenergygeneration,storageand

managementtechnologies—likerooftopsolarpanelsandbatterystorage—locatedclosetowhereenergyisconsumed,ratherthanatlarge,centralizedpowerplants.LocalizedsystemsofDERsareknownasmicrogrids.

Withtoday’soccupiersandbuildingownersalikeexpectingreliablepowerandpreferringenergy-efficientbuildings,DERsthatimproveenergy

reliabilityarenowagrowingconsiderationinleasingdecisions.

Althoughinstallingthesesystemsrequirescapitalinvestment,realestateownerscantransform

buildingsfromcostcentersintorevenue

generators,producingmultiplerevenuestreamswhileenhancingoperationalresilienceandvaluefortenants.JLLresearchshowsthatshiftingto

activeenergygenerationandmanagementon-sitecan

increaseanowner'srevenueby25-50%.

Didyouknow?

Nearly700microgridsexistintheU.S.,

butmostareconcentratedinsevenstates,reflectingtheregionalvariationin

DERdevelopment.

?

DERsequallyprovidebackuppowerduring

outages,ensuringuninterruptedoperationsandreducingrelianceonanincreasinglystrained

publicgrid.TheU.S.DepartmentofEnergywarnsthatpoweroutagescouldbecome100times

morecommonby2030ifdependablepower

plantscontinuetobeclosedwithoutadequate

replacement.Theirmodelsprojectannualoutagehourscouldsurgefromsingledigitstodaytoover800hoursperyear,fundamentallyimpacting

gridreliability.

Smartenergyeconomicstocutcostsandincreasevalue

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Thestrategyinaction:ANorthAmerican

transportationandlogisticscompanyneededto

developacutting-edgefacilitythatcouldsupportlarge-scaletransloading(transferringitems

betweendifferenttypesoftransportation),whilecontrollingenergycosts.TheyconsultedJLL’s

EnergyAdvisoryteamtohelpthempickthebestfitfortheiruniqueneeds.

Wedesignedacomprehensiveenergy

infrastructurefeaturinga20-megawatt(MW)solar

arrayanda10MW4-hour(40MWh)battery

energystoragesystem.Thissetupspansroughly100acres,poweringfacilityoperationsand

on-siteEVchargingfortransportationvehicles.Afterevaluatingownershipandprocurement

approaches,weidentified$2.5millioninannualenergysourcesavings,afteraninitialpaybackperiod.Thelong-termwin:lowerenergycostsforapower-intensiveoperation,supportedbyinfrastructurethatstrengthensenergysecurity.

Energy-intensivefacilitiessuchaslarge

manufacturingplants,logisticsoperations

andpharmaceuticalsiteswithvariable,

high-demandloadspresentthestrongest

usecasesforcomprehensiveDERsystems.

Organizationswithcriticalprocessesshouldask:

Howwouldapoweroutageordisruptionimpactourday-to-dayoperations?

Howquicklydosmalldisruptionssnowballintobiggerproblems?

Whichoperationsaresocriticalthatcostbecomessecondary?

doesofdisruption

Howthecostcomparetohigherrentsforbuildingswhereenergysupplyismorereliable?

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Smartenergyeconomicstocutcostsandincreasevalue

Strategy5:Monetizeon-sitepowerinfrastructure

Insomelocations,propertyownerscancreatenewrevenuestreamsbysellingexcessenergybacktothemaingrid,totenantsorto

neighboringbusinesses.Feasibilitydependsonutilityregulations,marketconditionsand

localincentives.

Thestrategyinaction:TheWashington

MetropolitanAreaTransitAuthority(WMATA),oneofthenation’slargesttransitsystems,sawan

opportunitytomonetizeitsextensivelandassetsthroughsolarpanels.ItsoughtJLL’sexpertisetoreduceregionalemissionswhilecreatingnew

revenuestreams.Withourhelp,WMATAengagedathirdpartytoinstallandoperate11acresof

photovoltaicsolarpanels—enoughtopowertheequivalentof1,100homes—overexistingparkinglotsandgaragesatfourstations,creatingthe

region’slargestaggregatesolarproject.

Leaserevenuefromtheprojectwillgenerate$25millioninadditionalrevenueforWMATAoverthenext25years.Bytreatingparkinginfrastructureasenergyrealestate,itturnedunderusedassetsintoalong-termrevenuestream.

Bankingonbatterystorage

Batterystorageinthecommercialsectoris

growingrapidlyastechnologyimprovesandcosts

drop.Since2015,batterycostshavefallenby75%to$108/kWhin2025,accordingtoBloombergNEF.Batterysystemsofferpeaksavingopportunitiesbyallowingownerstostoreenergywhengrid

demandislowanddischargeitwhenit’shigh,

helpingtoimprovesupplyconsistencyand

overridecostvolatility.Insomecases,largeenergyuserscanmonetizebatteryenergystorage

systemsbyparticipatinginutilitydemand

responseprogramsandothergridsupport

services.InmarketslikethePennsylvania-New

Jersey-Marylandtri-statearea,large-scalebatterysystemscanearnhighercompensationfor

providingcriticalflexibilitytothegrid,helping

offsetenergycostsandreducingexposuretopeakdemandcharges.

Sellingenergytotenants

CommerciallandlordscanprovideEnergy-as-

a-Service(EaaS)totheirtenantsbyfinancing,

installingandoperatingon-siteinfrastructure

—likesolarpanels,microgridsandsmartHVAC

systems—andthensellingthatenergytotenants,oftenviaPPAsorcommunitysolarprograms.

Executedwisely,thisforward-lookingapproachcandrivenewrevenue,increaselong-term

propertyvalueandimprovetenantsatisfactionwithlower,predictablecostsandreliablepower.

Smartenergyeconomicstocutcostsandincreasevalue

Smartstrategiesforavolatilefuture

Energyeconomicsarepoisedtogrowmore

challengingforpropertyownersandoccupierstomanageintheforeseeablefuture,withquestionsoversupplyreliabilityandvolatilepricing.

Tooffsetthesechallenges,organizationsmustdevelopacomprehensiveenergystrategyto

managecostsandmitigateenergysecurityrisks.ThefirststepforanyCREportfolioisimprovingenergyefficiency.Beyondthat,companieswillneedtoexploretheiroptionsdependingontheirportfoliosize,locationandenergydemand.

Thinkingproactivelyandactingdecisivelytodayisthebestwaytogainacompetitiveadvantage:ownerswillprotectassetvaluesandgenerate

revenue,whileoccupierswillcutcostsandavoidbusinessdisruption.

Howcanwehelp?

Weadviseownersonstructuring,implementing,andoptimizingonsiteenergysolutionsto

maximizevaluewhileminimizingrisk.Wealso

guideprojectfinancingforonsiteassetsorofftakeagreements,andhelpdesign,negotiate,and

executePPAsorVPPAswhenoffsiteprocurementispreferred.

Whetheryou’relookingforaquickwinorbui