HVAC is a costly part of running a building and a large expense in energy and carbon emissions. A company called Phononic is using a discovery from the 19th century to change the way a number of applications heat and cool, including HVAC.

It's not a magic bullet and, for building owners, involves some tradeoffs on upfront costs versus savings over time. But it is in commercial use and might be a consideration for some in CRE, particularly as pressure grows from regulators and investors who want carbon emissions reductions.

The underlying principle behind the technology is called the Peltier effect. Discovered in 1834 by French physicist Jean-Charles-Athanase Peltier, it describes what happens when two dissimilar conductors, called a thermocouple, are bonded together, and an electrical current is passed through the device. Depending on the direction of the current, the device generates cold or heat.