BOULDER COMMONS

Boulder Commons is a 100,000 square foot multitenant net-zero energy (NZE) project in Boulder, Colorado, designed to demonstrate the financial viability of NZE leased buildings for developers, landlords, and tenants.

• Boulder Commons is identified as the largest multitenant net-zero energy (NZE) project in the United States and one of the first of its kind in the country to achieve NZE.
• The project achieved an estimated Energy Use Intensity (EIU) of 26 kBtu/sf before solar PV, which is 70% lower than the average office building in Boulder. The construction of the warm core and shell cost $235/sf, representing a 12% hard cost premium over code-compliant office buildings in the same city.
• To reach NZE, the building utilizes a 575 kW solar PV system producing 716,397 kWh/yr, which offsets annual energy use for the entire building except for the restaurant. The system is split between the roof (71% capacity) and the southeast façade (29% capacity). The façade installation was cost-effective because it replaced a metal panel wall system, reducing the incremental cost of the solar PV to $42/sf.
• The developer, Morgan Creek Ventures, expects a 6.2% return on the solar PV investment. Because local regulations prevent charging tenants directly for solar energy, the landlord added an energy charge to the base rent based on local market research ($1.80/sf to $2.50/sf annually), using the lower end of that range. This structure allows the landlord to retain any energy cost reductions beyond approximately $2/sf.
• The business case for the landlord includes an anticipated 5% higher net cash flow over 10 years due to 5% higher occupancy rates and 10% greater tenant retention. Additionally, a projected 0.5% lower capitalization rate (5.5% total) is expected to create a $33/sf premium at the point of sale.
• Tenants benefit from reduced operating expenses (approximately 13% lower) because they do not pay utility bills as long as they remain within their energy budget. The document also notes that improved thermal comfort and natural daylight in NZE buildings can increase employee productivity by 6–16%.
• The project utilizes a specialized NZE lease model that includes a plug load budget of 7 kBtu/sf for all tenants, which is 69% below the U.S. average for offices. Tenants exceeding this budget must pay the incremental utility bill and purchase renewable energy certificates (RECs). The lease also mandates annual recommissioning of base building systems.

APA

RMI (2018). BOULDER COMMONS. https://rmi.org/app/uploads/2018/01/BoulderCommons_casestudy_digital-1.pdf

Chicago

RMI. BOULDER COMMONS. 2018. https://rmi.org/app/uploads/2018/01/BoulderCommons_casestudy_digital-1.pdf.

Wikipedia

{{cite report |author=RMI |title=BOULDER COMMONS |date=January 2018 |url=https://rmi.org/app/uploads/2018/01/BoulderCommons_casestudy_digital-1.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{rmi2018boulder, author = {{RMI}}, title = {{BOULDER COMMONS}}, institution = {RMI}, year = {2018}, month = jan, url = {https://rmi.org/app/uploads/2018/01/BoulderCommons_casestudy_digital-1.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }