Braintree and Methuen, MA (January 11, 2022) – Full service real estate and property management firm Peabody Properties announces that Park Gardens in Methuen has completed more than $500,000 in electrical and gas upgrades through funding from the Massachusetts LEAN Multifamily Program.
Peabody Properties assumed management of Park Gardens in 2020, at which time funding was pursued through the LEAN Multifamily Program to address certain outdated systems.
“The Program recognized what a great candidate the property was and provided both heating and electrical upgrades,” said Teresa Zingales, director of portfolio operations with Peabody Properties.
Installation of electrical upgrades at Park Gardens community was completed in November of 2020 with an anticipated savings of $17,430 or 30% in the first full year. Gas upgrades were also recently completed, and while official numbers are not yet available, 25/30% in savings is expected.
“The lighting upgrades made an immediate difference to the property, and we have seen over 30% savings in annual kHw usage,” said Zingales, noting that “Peabody Properties working with ACTION, Inc., maximized the efficiency of our building without jeopardizing the comfort of our residents.”
In addition, the LEAN Program and ABCD Action Energy Services provided boiler upgrades this year which should save Park Gardens an estimated 20–30% in gas usage annually.