Saving energy can benefit property managers, landlords and tenants alike. Energy efficient products reduce costs and add value to your property. In fact, building owners can save up to 7 percent in power consumption by simply evaluating their current energy use!
Being energy efficient is obviously important and you can locate energy-saving appliances and outline popular ways to improve your footprint.
The Importance Of Being Energy Efficient When Buying a Property
Why is being energy efficient so important when you purchase a property? Not only does it raise the value of your building, but it saves you a significant amount of money. Improving insulation and weatherization, purchasing up-to-date technology and shifting your practices can save 30 percent or more on your energy bills.
Did you know that a properly insulated home uses less heating fuel in the winter and less electricity in the summer? To boot, improved lighting that relies on CFL bulbs can make a surprising difference in your monthly bill. Energy star appliances, in particular, decrease your environmental footprint and add value to your space.
As a property investor, these benefits can turn into a serious windfall. Not only can you charge more for rent, but you can tout your updated appliances and perfect insulation in advertisements. Your buildings will get tenants faster and your wallet will get fatter.
Here are some commonly missed energy problems:
- Missing insulation.
- Air leaks in doors, windows and recessed lighting.
- Unfinished and uninsulated basements.
- Dirty insulation.
- Incandescent bulbs instead of CFL.
- No energy-saving appliances.
Fixing these problems may lead to benefits outside of personal profit. You can also help your local economy by choosing domestic and local companies with energy efficient services, increase the level of comfort your renters enjoy and lessen your footprint on the environment, fighting global climate change along the way.
The Seal Of Approval
When choosing appliances, you should focus on energy star labels. This government-backed symbol for energy efficiency was established to reduce greenhouse gas emissions and other pollutants, as well as make it easier for consumers to identify and purchase efficient products that can save money without sacrificing quality.
In order to earn the energy star label, a product must meet all requirements set forth in product specifications. These specifications follow a set of principles, including:
- Does the product category contribute significantly to energy savings nationwide? In other words, a water bottle isn’t going to qualify for an energy star label. Eligible appliances must otherwise use large amounts of energy to function.
- Does the product deliver the features and performance demanded by consumers, in addition to increased efficiency? Put simply, is the product just as effective, even after being made energy-friendly?
- Will the product allow consumers who pay more than they would for a conventional, less-efficient product to recover their investment in increased efficiency through utility bill savings in a reasonable period of time? This complicated string of words essentially means the product isn’t eligible for an energy star label unless it provides the same or more monetary value than a non-efficient counterpart.
These are just three of the many specifications required to earn an energy star label. It’s clear, even looking at a limited scope of rules, how seriously the energy star label takes efficiency and effectiveness for the American people.
Projects That Can Improve Your Footprint
Are you interested in specific projects that will improve your footprint? Here are some popular options related to infrastructure:
- Consider replacing your windows. Often, dated windows have shifted in their frames, allowing wind, water, and energy to travel inside and out. Since windows are your last stronghold against the elements, invest in getting energy efficient replacements. Your tenants, and your building value, will thank you later.
- Replace your roof. Old roofing is a popular hiding place for holes, missing insulation and energy-based nightmares. Imagine paying hundreds of dollars for heat in the winter because the warm air is seeping right through your roof! If you aren’t sure whether your roof needs replacement, schedule a consultation with a roofing expert.
- HVAC system improvement. Make sure your heating, cooling and ventilation system is functioning efficiently. You may need to bring in an expert to appraise your current system. This expert will recommend making improvements or upgrades altogether. If you choose to upgrade, choose a certified system guaranteed to make your property more energy-friendly.
- Proper insulation. As we’ve mentioned several times throughout this article, there are few things more important to energy efficiency than proper insulation. If your property is poorly insulated, you have no hope of keeping the warm or cool air inside when you need it most. Your tenants will be uncomfortable, and your energy bills will skyrocket.
There’s more to energy efficiency than infrastructure. If you own commercial property, consider the following tips:
- Install occupancy sensors. These detect the motion of room occupants and adjust lights based on their presence.
- Regularly change your air filter. You should check it each month and, at minimum, change it every three months. A dirty filter can slow air flow and make your system work harder than necessary, eating into energy costs.
- Install a programmable thermostat. This decision alone can save nearly $200 each year in energy expenses.
- Seal your heating and cooling ducts. Did you know that ducts moving air from a forced air furnace, central air conditioner or heat pump are generally a waste of energy? Seal and insulate your ducts to improve efficiency and lower your bill.
- Always purchase certified appliances for your business. You should also use power management features on your computers, ordering them to get into a low-power sleep mode after inactivity.
In addition to these tips, talk to an expert about energy efficiency and how your particular property could benefit from an overhaul. Making your property energy-friendly doesn’t have to be expensive, and it nearly always pays off in higher rent and boosted value.
Contact An Expert To Learn More
At LCI Realty, we pride ourselves in our advanced knowledge of property management. We know how to keep your property energy efficient, affordable to maintain, and lucrative to rent. Contact our experienced team at (480)-628-9053 to learn more!