Making Every Dollar Count: Money Saving Tip for Landlords
Extending the Life of Your Heating and Cooling Systems
Tenants don’t always have energy savings in mind. Many do not realize which appliances or practices costs them the most in high energy bills.If you think your tenants’ bad habits don’t matter to you as a property owner, think again.
“Inefficient use of your heating and cooling appliances results in higher repair costs, and early replacement of those systems,” according to home energy expert David Lowe with Control Temp Thermostats.
The ratings you see for energy efficiency convert into dollar savings and losses. A 60% efficiency rating not only means 40% of your money slated for energy costs is being wasted, but your appliance is still working hard, and wearing out.
Grab the Reins
Don’t assume your tenants know the best way to use your appliances.
“Orient your tenants on the proper use of the heating, cooling and hot water systems in your rental,” Lowe continues. “For instance, tell them to keep the hot water heater at 120 degrees, and set a maximum heating and minimum cooling temperature.”
You can also save by installing programmable thermostats that lower energy usage and wear and tear on motors and fans at times when maximum heat and cooling isnt needed.
Lowe suggests tamper-proof thermostats that cannot be moved higher or lower than the suggested temperatures for energy efficiency, especially if you have a vacation or short-term rental.
You can also save by instructing tenants to keep furnishings away from vents and returns. “Blocking air flow decreases efficiency,” Lowe says.
Also, consider installing low-flow shower heads to reduce the need to heat water.
When every dollar counts, educating your tenants on proper energy usage not only saves in the short term with lower utility bills, it can extend the useful life of your valuable investments.
American Apartment Owners Association offers discounts on products and services for landlords related to your real estate investment including REAL ESTATE FORMS, tenant debt collection, tenant background checks, insurance and financing. Find out more at joinaaoa.
To subscribe to our blog, click here.
Accessibility