Full service real estate and property management firm Peabody Properties announces that Fabens Building in Lynn has completed more than $200,000 in electrical and gas upgrades through funding from the Massachusetts LEAN Multifamily Program. 

Installation of $81,000 worth of electrical upgrades was completed at the 37-unit building in May of 2019, resulting in a savings of $1,367 or 10% in the first year for the property’s common area account. Tenant usage is not tracked by Peabody Properties as tenants pay their own electric but the program estimates these upgrades will save residents approximately an additional $10,000. Some $120,000 of boiler/gas upgrades were installed in November of 2020, with first year savings of $10,245 or almost 40%, reducing the property’s gas spending by over one-third.  

“The equipment provided was quite impressive and the savings we’ve experienced have made a tremendous impact to the property and our residents,” said Susie Curreri, director of portfolio operations with Peabody Properties. “We have seen savings of over 30% for the boiler upgrades received along with 10% savings for lighting upgrades; together these projects have helped us reduce the energy load and energy costs at the property.”