Finding ways to reduce utility costs at your investment property isn’t just a wise financial decision. It can also help reduce your carbon footprint and offset the costs of rising energy prices.
But is it possible to reduce utility costs at your rental property? Here are some effective strategies to help you lower those energy bills, whether you or your tenants are responsible for them.
Upgrade to Energy-Efficient Appliances and Lighting
If your income property has outdated appliances and lighting fixtures that consume more energy than modern options, consider replacing them. Look for appliances with ENERGY STAR® ratings designed to use less electricity or water without compromising performance.
Switching to LED or compact fluorescent light bulbs can also drastically reduce energy consumption and lower your electricity bills for a more energy-efficient property that still has adequate lighting.
Consider Installing a Smart Thermostat
Installing smart thermostats in your investment property allows tenants to control the temperature settings remotely and set up schedules that make the most sense for them.
For example, tenants can keep the temperature higher or lower when they’re not at the property, then schedule it to change before they come home.
As a landlord, you can use smart thermostats to prevent unnecessary heating or cooling when the property is vacant or to adjust the temperature for property showings even when you’re not on-site. The result is an efficient and comfortable property without the extra energy costs.
Check Insulation and Weatherstripping
Many property owners don’t realize how important insulation and weatherstripping are to reducing energy bills and ensuring an energy-efficient property. Ensuring the property is well-insulated and reducing air leaks makes it easier to keep a comfortable interior temperature without taxing your HVAC system.
Have a professional check your attic insulation and the insulation in your walls and floors. Since many homes have inadequate ventilation, this important step can help you maintain an efficient property with minimal artificial heating and cooling.
Check for air leaks around windows and doors. If you feel drafts or see light coming through, consider weatherstripping. Weatherstripping is a tape-like material used to seal windows and doors to prevent drafts and improve energy efficiency, allowing tenants to stay more comfortable at your property without high energy bills.
Install Water-Saving Fixtures
Consider installing low-flow showerheads, faucets, and toilets to reduce water consumption in your investment property. These fixtures use less water without compromising water pressure, helping you or your tenants save on water bills. It’s also essential to fix any leaks promptly to avoid wasting water and incurring unnecessary costs.
Keep on Top of Maintenance and Repairs
Regular maintenance and prompt repairs can go a long way in reducing utility costs. Ensure that HVAC systems are serviced regularly, air filters are clean, and ducts are sealed properly. These practices can prevent unnecessary energy consumption and keep your system running efficiently.
In addition, be sure to address any plumbing leaks, faulty wiring issues, and inadequate insulation promptly to prevent wasted energy and water usage that can result in high utility bills.
Educate Your Tenants
Educate your tenants on energy-efficient practices and the importance of conserving resources. Encourage them to turn off lights, unplug electronics when not in use, and use energy-efficient settings on appliances.
Providing them with tips and resources for reducing utility costs not only benefits your investment property but also promotes sustainable habits, which can ultimately increase tenant satisfaction if they are responsible for energy costs.
Manage Your Investment With FAS
Taking steps to reduce utility costs for your investment property not only benefits your finances but also contributes to a more sustainable future. Discover how FAS Management can help you efficiently run your investment property in the nation’s capital for enhanced cost savings. Contact us today at (202) 337-5080.
