Energy efficient upgrades are becoming more popular in homes these days, as “going green” continues the attraction of “saving the planet” and saving on utilities. By going green and investing in energy efficient upgrades, you can benefit by cutting costs on several expenses in a home including heating and cooling usage, as well as electric bills and water supply.
As a property manager or owner of a rental property, an increase to your monthly cash flow is always a bonus, and you can start receiving that extra income by cutting utility payments through energy efficient upgrades. Creating Wealth has gathered a list of the top four ways you can cut costs to your rental property by going, and generating, green today.
1. Install energy efficient appliances – Replace old appliances with an updated energy-saving dishwasher, stove or refrigerator. Not only will your interior pop out with a new look, the label of being a “green rental” will offer a new attraction to your property.
2. Install efficient toilets or fill toilet tanks – Try investing in efficient toilets, which does cost hundreds of dollars, or you can try using a 2-liter bottle filled with gravel, costing less than $5. The less costly option is dropped in the tank of an existing toilet, whereas the more costly toilet comes already together and less messy. Do keep in mind if you decide to use your homemade system, clogs are more often to occur.
3. Install LED light bulbs – Going green on lights by using LED light bulbs will save your property manager time to replace burnt bulbs and cut your utility bill to almost half the cost. The costs of LED lights are more expensive up front, but again, you are saving time on replacing these in every room and appliance.
4. Install low-flow showerheads – The amount of water tenants use on showers and in the sink can be wasteful most of the time, but installing a low-flow showerhead can cut up to 40% water consumption in a shower. The consumption will go down, but the tenants will still have strong water pressure to keep clean.
The costs up front to install energy efficient upgrades might be high, but as an investor, you know these decisions will eventually be profitable in the long run.