As the owner of a rental property, you have a lot of factors to consider as you make your rental as interesting to potential renters as possible. One of the things that can make your property stand out among others is making it more energy efficient. It’s true that some energy upgrades will be expensive, others are surprisingly affordable.
Consider your water heater
For many tenants, a big expense is the cost of heating the water in their water heaters. A simple thing to do is to look at the water heater and put the temperature up to 120 degrees if it’s not there already. Just changing it from 130 to 120 can save as much as 5% on utility bills.
Restrict the amount of water used
Water is another big expense for many renters. There are several ways you can make water usage lower in a property. Add an aerator to all faucets and add a flower restrictor or low-flow showerhead to your showers. These simple steps will generally cost less than $30 but can reduce the water used in a home by as much as 30%.
Keep heat in the home
Heating and cooling costs can make up the bulk of energy usage in warmer and cooler months. One way to keep the heat in the home is to invest in blackout curtains. You can invest in a neutral color, or perhaps you can install honeycomb shades. You can also add insulation throughout the home, especially in the ceiling and floor.
Other ways to keep heat in the home – or cold air in the summer months – includes weather stripping and caulking. Don’t assume that doing this once is enough – you’ll want to check your exterior walls on a yearly basis and take care of any new issues you see.
Swap out older light bulbs
If you have a multi family property, make sure that you’re doing what you can to reduce energy usage on the entire property. For example, changing old bulbs with energy efficient ones can save you as much as $40 when you do it in a single exit sign that must be on at all times. When you consider the savings for hallway and stairway lights, you can imagine that the savings are big – especially when you take into consideration the fact that these light bulbs can last for decades.