Boston Properties (BXP) is the largest publicly traded developer, owner and manager of Class A office properties in the United States, with a significant presence in Los Angeles, New York, San Francisco, Washington, DC, and Boston, where it’s headquartered. A recognized sustainability leader, BXP recently earned a top ESG rating in the 2020 Global Real Estate Sustainability Benchmark and achieved a carbon target six years ahead of schedule.
Working with Stem enabled BXP to find the right opportunity for energy storage to support its sustainability and financial goals at a flagship property in Los Angeles. The large, multi-site installation will save the company close to $2 million while helping the local utility reduce carbon emissions and air pollution.
BXP approached Stem because it wanted to understand how to leverage energy storage to advance sustainability while getting a financial return. It recognized storage as complementary to its sustainability strategy, but it needed a hands-on expert partner who could deliver a turnkey experience.
Stem oversaw the seamless installation and operation of a 3.7MWh energy storage system – the largest indoor lithium-ion energy storage system in the U.S. And when the local grid is stressed, Stem’s Athena software dispatches BXP’s batteries and hundreds of others in SCE territory, and batteries power customer sites for a specified duration and earn revenues for doing so.
Stem’s energy storage solution allows BXP to reduce its demand charges, as well as store electricity when it’s less expensive (and cleaner) and then dispatch it when it’s more expensive (and dirtier). Over the 10-year lifetime of the system, BXP is guaranteed to save more than $1.9 million. As a trusted energy advisor, Stem also helps the company navigate California’s electricity market.