BELMAR, NJ — The Belmar Housing Authority (BHA) and Bostwick Energy Partners (BEP) are working on a strategic plan to manage energy costs for the public housing agency.
The small but agile housing authority offers 50-units of affordable housing to senior and disabled individuals in Monmouth County.
Fluctuating energy costs can significantly impact operating costs, causing an agency trouble in meeting its budget.
Retired executive director Paul Caverly was clearly on the right path in his effort to save the agency money. His decision to partner with BEP has proven to be successful.
To date, the agency has saved approximately 15% percent in total energy costs since retaining Bostwick Energy Partners.
“Limited federal and state funding forced us to act preemptively and seek solutions that will protect our finances for future years to come,” Caverly said. “We look forward to a fruitful partnership with BEP as it continues to monitor our energy usage and negotiate contracts on our behalf.”
Many other public-private agencies are utilizing the expertise of energy-technology firms, such as Bostwick Energy Partners, to provide market intelligence of the industry.
Founders Thomas Price and Patrick Alburtus are utilizing their combined knowledge in energy and computer science to implement turnkey solutions towards cost-effective energy management.
“Every client should be entitled to specific reporting tools and in-house energy software systems,” said Alburtus. “Combining the two are essential when talking about long term energy savings.”
Since the deregulation of the energy industry, third party energy suppliers have entered the playing field, offering a myriad of contract structures often confusing to customers.
As a result, more businesses are hiring energy consultants to help understand energy markets, while identifying points of risk and points of opportunity in each contract.
“As a former analyst at a large 3rd party supplier, I work with clients to ensure they are getting the best energy deal by negotiating contracts on their behalf,” Price said. “This allows agencies, like the Belmar Housing Authority, to mitigate their exposure to complex energy markets, and to reduce the risk of fluctuating prices.”
The Belmar Housing Authority hopes to take further advantage of declining energy prices and further reduce its energy costs by the end of this year.