Make Your Investment Property More Cost Effective by Going Green
We often hear about commercial properties going green and the benefits to the property owner of doing so. But as a residential Landlord, what can you do to make your investment property more cost effective, energy efficient and better for the environment? Is it possible to make your investment property more cost effective by going green?
Did you know that LED lights use at least 75% less energy than regular bulbs? And while they may cost a little more, they last anywhere from 15 to 20 times longer than incandescent bulbs, and 3 times longer than CFL’s (compact fluorescent lamps), so the benefits far outweigh the cost. This could be especially beneficial if your rental property has shared common areas or facilities, hallways or parking garages where a lot of lighting is required.
When it comes time to replace the appliances, always look for the ENERGY STAR symbol. Also, check to see if there are any rebate programs associated with switching to these energy efficient units because this can help defray the cost of the equipment AND you’ll be using less energy on an ongoing basis, making the home less impactful on the environment.
BC Hydro offers some great rebates for new appliances, hot water heaters etc., so check their website to see what the latest offers are. If you know you’re going to need to replace something in the near future, the best time to do it may be when you can obtain one of these rebates. BC Hydro’s website can be found at www.bchydro.com, click on Energy Savings.
Thermal pane windows are another way to make your home more energy efficient. These types of windows are made up of multiple panes (double or triple) of glass which are separated by insulating gases. This reduces the transfer of heat between the two sides of the window, blocking heat from entering the house in the summer and preventing heat from going to the outside in winter. This aids in saving energy (and money) used in cooling and heating the home.
Low flow toilets can greatly reduce the amount of water used in the home. According to EPA’s website – www.epa.gov, toilets are by far the main source of water use in the home, accounting for nearly 30 percent of the average homes indoor water use. By replacing old, inefficient units, an average family can reduce water used for toilets by 20 to 60 percent – that can add up to nearly 13,000 gallons of water per year! When replacing toilets, look for ones with the EPA approved WaterSense label – this ensures you’ll be buying a high-performance, water-efficient model. You’ll use far less of one of our planets most valuable resources and your water bill will be that much lower. And again, check for rebates!
Cost efffective by going green
While there are many ways to reduce energy consumption and lower our impact on the environment, the above are just a few ideas to get you started and to be more cost effective by going green. We all have a responsibility to help in this effort, and implementing just a few energy and water savings measures can reduce your footprint for generations to come. [su_divider]
At RE/MAX of Nanaimo Property Management, we are committed to assisting our clients in making their homes as environmentally friendly as we can. Call us today at (250) 751-1223 for a free consultation, or continue searching our website.