7 Ways On Improving Energy Efficiency In Rental Properties
Making a property energy efficient, in view of ever-increasing energy costs, will help improve the bottom line of any rental property. While there are upgrades that are more capital intensive and expensive, there are others that can be easily implemented at much reduced costs. Overtime, whatever the investment, the utility savings will outweigh the upgrade cost.
Ways to improve energy efficiency:
1. Measure the energy consumption
A great way to start is to measure the current consumption and gauge the past performance. Benchmarking is a great way to see where the greatest improvements to energy efficiency can be made.
2. Update windows and doors
If the building is old, then chances are that the windows are not energy efficient as what is currently available on the market. Replacing them would be a good idea as new windows are energy efficient as many can block both heat and light, and can solve condensation and moisture damage problems.
3. Install solar panels
Solar panel technology has evolved considerably. It is less inexpensive, more durable, and much easier to install than those available decades ago. As it is considered “clean and green” energy, there are government programs available that offer incentives to those who install them.
4. Sealing doors and windows
A simple fix such as caulking around door and window frames or adding some weather stripping can give the property an instant energy efficiency boost. Air leaks are one of the most common and biggest culprits of poor energy efficiency.
5. Installing proper insulation
Without proper insulation in walls basements and attics, any building is liable to be prone to climate control issues, frozen pipes and excessive wear and tear on the building structures. The insulation should make the building as airtight as possible.
6. Energy efficient lighting
Changing lightbulbs to the long-lasting energy efficient LED bulbs available today can save time and money all year round. The energy efficient bulbs are designed to stay on continuously for months, reducing the cost and replacement frequency.
7. Using certified equipment
When it comes to replacing equipment, there are a lot of high performance, energy efficient options available. This equipment will typically use 30% – 60% less energy than non-certified. The energy saving costs will more than recover the premium price over the long run.
VIRANI RENT + MANAGE is a division dedicated to rental and property management created to provide clients with a full spectrum of services related to their real estate needs. Contact us by email or phone at 604 913 1000 and discuss your property management needs with us.