BuildingIQ projects supported by NSW under M&V offering

Energy management software company BuildingIQ has been named an approved supplier for measurement and verification (M&V) services by the NSW Office of Environment & Heritage (OEH). The OEH initiative aims to accelerate the uptake of energy efficiency in NSW by supporting up to 70 new M&V projects over the next two years to help achieve annual energy savings of 16,000 GWh by 2020, as outlined in the NSW Energy Efficiency Action Plan.

BuildingIQ’s cloud-based platform uses advanced algorithms and predictive analytics to reduce HVAC operating costs in commercial buildings by as much as 25%, without the need for manual intervention. With the platform’s M&V module, which uses processes that are consistent with the International Performance Measurement and Verification Protocol (IPMVP), BuildingIQ compares past energy usage to present and makes savings transparent.

BuildingIQ projects are now potentially able to access funding from the NSW Government that contributes up to 80% (capped at $15,000) towards the cost of eligible measurement and verification projects. Once BuildingIQ’s platform is operational, it can be used to generate energy savings certificates under the Energy Savings Scheme (ESS). These certificates are sold by the building owner to electricity retailers for additional revenue.

“The proven effectiveness and design of the BuildingIQ platform has enabled us to get in on the ground floor of NSW’s M&V initiatives,” said BuildingIQ CEO Michael Nark. “Through these programs, we are delivering even more value to our clients by capitalising on every opportunity to create free cash flow. As a NSW Government approved supplier for measurement and verification services, we’re able to bring these capabilities and the resulting savings to even more businesses in NSW.”