An approach to reducing utility expenses is a proven strategy that assists in maximizing rental income. Cutting operational costs is essential as it increases rental income while having minimal effect on tenants’ lives. Below are various ways to minimize utility costs for a rental property.
- Reduce HVAC expenses
Heating, cooling, and air conditioning expenses constitute almost half of the total utility bills. The HVAC system is thus an integral part of a rental, and installing modern systems is crucial due to increased efficiency in power usage and performance. A well-insulated property facilitates the retaining of heating/cooling, preventing energy losses. Achieve this by.
- Insulating the heating ducts
- Sealing off cracks, gaps, and spaces that lead to heat loss
- Maintaining the HVAC system at all times
- Insulating the basement and attic
- Using a decentralized system enables occupants to heat the space they are using instead of the whole building.
How much energy is consumed by HVAC?
🔔 The HVAC system in a typical office building accounts for approximately 40% of total building energy consumption and 70% of base building energy consumption. HVAC is also a significant energy user in non-residential buildings.
- Seal the windows and doors
Windows have to be fitted and sealed correctly to minimize the monthly bills. Openings that allow draught from outside have to be closed. Consider the use of window weatherproofing techniques and seek the services of an expert from a favorite home improvement store. Make sure the cracks and gaps are sealed to minimize the amount of air entering a house. Conduct a thorough routine assessment by examining windows and doors once every year. Hire a professional with tons of experience to manage the maintenance operations to ensure the repairs are done correctly. If there is excess moisture leaking through, consider window replacement. Install modern windows as they have better built-in properties and are more efficient in the long run.
How to insulate windows to minimize utility bills for my rental property:
- Purchase the product: Shop around to find the best deals. Always purchase products in bulk as it is cheaper than buying individual items.
- Install the insulation: Make sure that the maintenance team installs the choice of insulation.
- Replace when needed: Make regular checkups and perform routine replacements every single year.
- Determine the method: Homeowners must decide what is needed before making a purchase.
- Use green appliances
One of the benefits of creating energy-efficient property and investing in green appliances is lowering utility bills. The green appliances market is continually expanding, giving landlords plenty of options for such gadgets. Look for Energy Star when searching for appliances and potentially replacing dishwashers, refrigerators, and dryers with eco-friendly options. Consider upgrading only those appliances which require replacing by installing greener alternatives. It minimizes utility costs and acts as a marketing tool for attracting new tenants.
💡When were the first kitchen appliances manufactured?
Electric Mixers: On November 17, 1885, Rufus M. Eastman was granted the first patent for an electric mixer. Lillian Moller Gilbreth (1878-1972), a mother of twelve children, patented an electric food mixer as well (at a later date).
How to begin using green appliances to lower utility bills for my rental property
- Assess the property: Establish what is needed beforehand and figure out the gadgets that need upgrading.
- Increase rent accordingly: Charge tenants a small amount each month to obtain a return on investment. Tenants will pay more in rent but will also be enabled to pay less overall.
- Shop around: Search for appliances with reasonable prices and those that promise low energy usage.
- Install the appliances: Seek help from a professional when performing the installation.
- Using energy-efficient light bulbs
A well-lit room improves the sense of well-being and the overall mood. Install energy-efficient bulbs and those that offer long-term service, including compact fluorescent lamps, LEDs, and halogen incandescent bulbs. The initial cost for purchasing and installing such lightbulbs may be higher, but the length of service ensures that such approaches are efficient in the long term. The bulbs come with various options tailored to an individual personal taste and preferences, which enables the users to adjust the brightness accordingly.
How to change light bulbs:
- Pick the new bulbs: Research before going on a shopping spree to compare prices from different outlets. Keep in mind the various benefits of energy-efficient bulbs before making a purchase.
- Purchase the bulbs: Ensure the bulbs are purchased in bulk as better deals are assured.
- Install the new bulbs: Hire a professional electrician to do the installation.
- Investing in a smart thermostat
One of the innovative ways to save on utility bills for my rental property is intelligent thermostats. It enables apartment owners to control the temperature of all smart devices. The upside of this approach is that it allows for the programming of a thermostat to run only when needed. It enables the setting to be adjusted when the temperature is higher in the daytime and have it cool down when the room is occupied in the evening. Control can be achieved from any location, and always check the thermostat condition before installing a new system.
💡Always turn off appliances and light bulbs when they are not in use. Tenants are encouraged to unplug power cords when no device is being charged. All the highlighted habits would lower utility bills in the long run if implemented well.
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