There are a large number of renters in the country and becoming a landlord is a great way to earn money, whether as a full-time job or to make extra cash. However, if you own a rental property, you understand that there are also many costs associated with owning one and how important it is to spend time and money on your rental property. In order to make sure that your investment pays off in the long-term, it is important to pay attention to a home's energy efficiency.
5 Tips for Making Your Rental Property More Energy-Efficient
Many landlords are faced with the challenge of making their rental property more energy-efficient. To help you save money on your rental property's utility bills and decrease your environmental impact, we've compiled 5 things you can do to make your rental property more energy efficient.
#01. Upgrade your Heating System
Boiler technology is rapidly evolving, and leading manufacturers are developing increasingly efficient systems. A new boiler must be more than 88% efficient, which means that only 12% of the energy used to power it is not transformed into heat. Several of the most popular models have efficiency ratings in the mid-90% level, indicating that they waste relatively little fuel.
However, some older boilers are just 65% efficient, and converting to a new energy efficient boiler could save a standard, mid-sized, detached property up to $470 each year. Installing new boilers is a great way to make rental buildings more energy efficient, and they will pay for themselves over time in savings.
#02. Install Energy-Saving Windows
Energy-efficient windows not only save money on energy bills in a rental property, benefiting both the environment and the bill payer, but they also have a variety of other advantages. They cut heat loss, which reduces cold patches and drafts, which can help reduce the risk of condensation and dampness in the home.
Another significant advantage of energy-efficient windows in rental buildings is the reduction of noise. Reducing outdoor noise can be essential, especially for families with young children who could otherwise be woken up by excessive activity on the street. All these advantages contribute to making a rental property a more desirable place for tenants to live, and tenants who are comfortable are more likely to stay for longer periods of time.
#03. Replace Your Light Bulbs With LEDS
Installing LEDs instead of your current lightbulbs is another small modification that can have a big impact on enhancing energy efficiency in a rental home. LED light bulbs are far more energy efficient than the traditional bulbs most people have in their homes.
#04. The Loft Should Be Insulated
Installing a new builder and new windows are both expensive projects that can pay off in the long run, but simply insulating your apartment loft is quite inexpensive but extremely effective. Insulation, which costs around $7 per square foot, is an excellent way to reduce heat loss and make rental buildings more energy efficient.
#05. Invest in a Humidifier
A humidifier maintains the humidity levels in your apartment building. There are a variety of humidifiers available. However, a humidifier is not only useful in the winter, but it can also be beneficial to your health. Lower your thermostat and save even more money, as humidifiers help the temperature feel warmer than dry air. A humidifier is built into some HVAC equipment.
The tips outlined in this blog post are a great starting point for anyone looking to make their rental property more energy efficient. It’s always a good idea to make your property as energy efficient as possible to cut down on the money spent on bills. Energy efficiency is important for the environment, your wallet, and your property. With some simple changes to how you use energy in your home or rental unit, you can save money on utility bills each month while also making a difference in reducing our country's carbon footprint.
Contributed by Mark Johnson, a clean air & environment expert from ByPurify