It seems as though “Going Green” is becoming a more popular lifestyle these days. As energy issues are continuing to gain public awareness (rising gas prices, etc.), it is important to take the proper steps to ensure you keep your utility costs low. Making sure rental properties are energy-efficient benefits both the landlord and the tenant.
Top 5 Causes of High Utility Costs
Cause: Heating and cooling your units when no one is there.
Solution: Programmable Thermostats.
Programmable thermostats are designed to be scheduled to change the temperature of the unit based on personal preference for various times of the day and seasons. They are a great and inexpensive investment, costing cost as little as $25 at most home improvement stores. Programmable thermostats can yield as much as $200 in savings per year in utility expenses.
Cause: Letting heat or cool air escape through windows, door frames and cracks.
Solution: Weather-stripping windows and door frames and Caulking cracks.
Weather-stripping windows and door frames is something every landlord should consider in order to prevent renters from wasting energy. Be aware that there may also be small cracks hidden from the naked eye, so take the time to inspect a property for small seams where cool or warm air can seep out of a unit. Caulking these cracks to effectively seal them will prevent wasted electricity.
Cause: Energy Guzzling Appliances and Electronics
Solution: Replacing Old Appliances with Energy-Star labeled versions.
The cost of replacing old appliances should not scare you half as much as the thought that according to Energy Star, statistics show the average home contributes twice the amount of greenhouse gases to the environment as an average car! Isn’t it time to look into energy-efficient appliances?
Cause: Using old incandescent light bulbs
Solution: Swapping out Old Light Bulbs for CFLs or LEDs
A task as small as changing out old light bulbs for more modern ones, such as compact fluorescent lamps (CFLs) or light emitting diodes (aka LEDs) may significantly lower a property’s utility bill each month. According to SmartMoney.com, on average you can save nearly $35 during the life of a light bulb by simply switching one incandescent in exchange for a compact fluorescent. Also, remember to turn off the lights when leaving a room!
Cause: Using Air Conditioners All Day & Night
Solution: Try Installing Fans or capping the central AC temperature
Turning on your air conditioner may keep you cool, but a considerable percentage of a property’s utility expense for the year tends to occur during the warmer months due to this usage. If your tenants have central AC in their unit, try to encourage them to cap temperatures at 72 degrees Fahrenheit. Making this small change can save between 3 to 5 percent on monthly electric bills. If your property does not have a central air system, you may want to consider installing fans in their units. This can be a more cost-efficient solution than a AC and still keep renters cool during scorching temperatures in the summer months.
There are many ways to cut utility costs for rental properties. We’ve put together this list for you to forward on to your clients. Tell them to try using these five tips and let us know how much they save next month on their utility bills!
Resources: Rent.com; EnergySavers.com; SmartMoney.com ; EnergyStar.gov
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