Making your properties more eco-friendly will not only help to reduce your carbon footprint, but it could also improve your bottom line. Green rental properties, whether residential or commercial, are more attractive to potential tenants, which means they’ll be easier to keep occupied. Additionally, if and when you decide to sell, a property that already has eco-friendly features may command a higher sale price. Best of all, going green with your properties is easier than you think. Here are a few ideas below.
If you’re looking for the quickest and most affordable eco-friendly property upgrade, switching out old incandescent light bulbs for LED bulbs is fast, easy and doesn’t require a major investment. LED lighting uses far less energy and the bulbs last much longer than traditional bulbs, so they’ll need to be replaced less often.
One of the best ways to improve a property’s efficiency and reduce energy usage is to upgrade the windows. Additionally, new, energy-efficient windows add to the aesthetics of a property, instantly improving its curb appeal. For residential properties, tenants will appreciate the savings on their utility bills. For commercial, you’ll realize significant savings on your overhead. And again, if you decide to sell, updated windows can be an attractive selling point.
Heating System Replacement
Older boilers were not designed to be energy efficient. To the contrary, they use a lot of excess energy and their output is less than ideal. You can instantly improve your property’s eco-friendly rating by investing in a newer, updated HVAC system. Will this cost money upfront? Certainly. But it will more than pay off in reduced turnover rates and long-term ROI.
Tankless Water System Installation
Tank systems are inefficient and poor from an environmental standpoint, because they require the storage of a large amount of water. That water must then be heated every time someone turns a hot water tap on, which means more energy usage. Fortunately, there are newer, more efficient and eco-friendly solutions, like tankless water systems. Switching to such a system can reduce waste while boosting your property’s value.
Last, but certainly not least, installing solar panels on the roofs of your properties can dramatically reduce energy usage and generate significant cost savings. Solar panels harness the power of sunlight and turn it into power, offsetting the energy that would otherwise come from traditional electricity. Best of all, many solar companies offer attractive deals on installation, which you may be able to take advantage of to save more money upfront.
Eco-friendly renovations can significantly lower the operating costs of a property. They can also make your properties more profitable, both in terms of attracting quality, long-term tenants and increasing their value when it comes time to sell. And, of course, going green with your properties reduces the negative impact you might otherwise have on the environment. Simply put, it’s the right thing to do!