As utility costs continue to rise, property owners are looking for ways to reduce these expenses. By better controlling utility expenses, landlords can pass along cost savings to their renters, increasing tenant satisfaction and decreasing vacancies.
But how can you reduce utility costs at your rental property? Whether you want to lower water, electricity, or internet bills, here are a few ways you can keep your utility expenses as low as possible, reduce your carbon footprint, and keep your tenants happy.
Swap Your Lights for LED or CFL Bulbs
By replacing traditional incandescent bulbs with energy-efficient options like LED (light-emitting diode) or CFL (compact fluorescent light) bulbs, you can significantly reduce lighting costs. These bulbs consume considerably less electricity and have a longer lifespan than traditional ones. Not only will this save money from electricity bills and bulb swaps, but it will also reduce your building’s carbon footprint.
Install Low-Flow Toilet and Showerhead
Water usage can be a major contributor to high utility bills in rental properties. Installing low-flow toilets and showerheads can help conserve water without sacrificing comfort for your tenants.
Look for showerheads and toilets with the WaterSense label, which can save thousands of gallons of water every year. It can also help you save on electricity by reducing the demand on your property’s water heater.
Maintain Appliances and HVAC Systems
HVAC systems and appliances such as refrigerators can waste energy if not properly maintained. Regularly check and clean the filters of HVAC systems to ensure efficient performance, and schedule an annual maintenance check-up to ensure your system is performing optimally.
Additionally, ensure that the refrigerator door seals properly to prevent energy loss and that the coils are cleaned regularly, whether you or your tenants handle this task. Maintaining these appliances will prolong their lifespan and help reduce energy costs.
Encourage Tenants to Use Blinds
Blinds or curtains can help control the temperature in your rental property. During hot summer months, closed blinds can prevent excess heat from entering, reducing the load on air conditioning systems. Similarly, during winter, open blinds can allow natural sunlight to warm the space, reducing the need for artificial heating.
Install blinds or curtains and educate your tenants on how to use them to lower their energy bills and keep their home more comfortable.
Have a Strong Wi-Fi Password
If you provide internet for your rental property, ensure you have a strong password and encourage renters not to share it with anyone else. It’s not uncommon for other people to attempt to use unsecured networks, meaning you could end up paying for someone else’s use of your internet.
Should your tenants provide their own internet, you can still encourage them to have a strong password and keep it secure to help reduce network usage and lower their bills.
Ask Your Renters to Consider Power Strips
Power strips allow for easy shut-off of multiple devices at once, preventing them from continuing to use energy when not in use.
Encourage your tenants to use power strips for electronics and appliances. They can be most helpful in the kitchen, living room, and office to help lower energy bills.
When devices are not in use, simply turning off the power strip eliminates standby power consumption, saving electricity over time.
Keep Your Investment Property Profitable With FAS
It’s possible to reduce unnecessary energy use at your rental property to keep your bills (or your tenants’) as low as possible. Discover other steps you can take to keep your rental property profitable with FAS Management. Contact our property management professionals today at (202) 337-5080.
