Octus Inc. Completes Water Efficiency Retrofits
Company installed water-efficient toilets in seven Northern California apartment complexes
Octus Inc. completed seven water efficiency projects for multi-family apartment communities.
"We believe water is the next frontier for resource efficiency due to rapidly increasing water costs and ever constrained supply," said Octus CEO Chris Soderquist. "Our strategy in this area is to implement turnkey water efficiency solutions for apartment, hospitality and senior care management companies, whereby we identify and capitalize water utility rebates and deploy solutions that maximize utility bill savings. This is a market-driven expansion of our building efficiency financing platform."
The water-saving retrofit projects involved the replacement of inefficient toilets with high-efficiency systems in Northern California apartment complexes, generating an estimated 5.3 million gal of water savings per year. Octus secured financing for the projects, including $80,000 in utility rebates, significantly subsidizing the water-saving property improvement for the apartment management and investment groups.
"When property owners implement resource efficiency measures, they generate superior risk-adjusted returns and enhance the amenity and value of their assets," Soderquist said. "Octus collaborates with utilities and facilitates the needed project financing, thus delivering comprehensive building efficiency solutions with minimal or no out-of-pocket investment for property owners."
In February 2008, California Gov. Arnold Schwarzenegger directed state agencies to develop a plan to reduce statewide per-capita urban water use by 20% by the year 2020. Octus is collaborating with water utilities to implement water conservation measures, including high-efficiency toilets, showerheads, faucet aerators and irrigation systems, which drive conservation and generate significant utility bill savings.