As a landlord in Cary NC, you want to reduce your utility bill expenses. Utility bills are here to stay but there are different ways to manage and lower them. Remember, low utility bills encourage tenants to stay with you and in the long term this will reduce your costs. At Schambs Property Management, we do everything we can to help you find and keep long term tenants.
Advantages of Low Electricity Bills
There are several advantages lower electricity bills bring to you as a property owner. Here are some of them:
Charge higher rent
When the utility bills are low, you will make a higher profit by charging more rent. You will increase your revenue since tenants will be saving from the reduced utility costs. Your unit will be filled with energy-saving appliances and features that make it attractive. Thus, a higher rental rate will be reasonable.
Fewer maintenance issues
When your appliances are newer and more energy-efficient, they require less upkeep. Unlike old models that you have to constantly check to see if they’re in working condition, modern appliances are capable and do not break down easily.
Rental property upgrades are easier
If you are the one paying the utility bills, then you can use the savings to enhance your Cary rental property. This may be in the form of newer appliances, energy-efficient light, and water features. Also, you can incorporate additional interior features that will serve to reduce your utility bills such as double-paned windows.
Here are 7 tips landlords can use to greatly reduce their utility bills:
Energy efficient light bulbs
Using energy efficient LED light bulbs will equate to giant savings. They typically last between 10 to 15 years making them a money-saving tool in the home.
Low flow showerheads are a great way to minimize your water expenses. Switching to a low flow showerhead from a standard one reduces the gallons of water used. Moreover, the low flow showerheads force water out more quickly than standard showerheads. This will create a good shower experience for your tenants.
Choose appliances that have the ENERGY STAR rating. Energy savings and maximum efficiency go hand in hand. Not only will the appliances score high on efficiency but they have modern features. Tenants will be happy that the rented property has updated appliances with useful features.
Reduce heating and cooling costs
The majority of your electricity bill is heating and cooling expenses. It’s important to focus on finding ways to be more energy-efficient. Here are some tips to lower your heating and cooling costs:
Routine cleanup and replacement of your AC filters.
Purchase efficient fan models rather than energy consuming exhaust fans.
Seal window and door gaps to lessen AC use in the summer and heaters in winter.
Use window shades to minimize the heat inside during the summer.
Lower your water heater temperature.
Properly insulate by sealing all heating ducts.
Keep track of your utility bills over time
When are your heating and cooling costs the highest? You may need to assess the cooling and heating equipment for that particular period. You can then gauge where/how to adjust and reduce your utility bills.
Carefully check showerheads, faucets and toilets to determine water leakage. Better yet, have a reliable plumber check regularly to ensure everything is running smoothly and prevent expenses in the future. This type of preventive maintenance can go a long way to lowering your water bill.
Some areas of your property will require light such as the garage. However, keeping a light on all the time increases your electricity bill. The best way to solve this is to install motion sensors. That way, when motion is detected, a light will flood the area on a need-to-use basis.
You can start using these tips and appreciate the savings right away. Some might feel they are too time-consuming to follow, but you must remember the benefits that come with reduced utility bills. This is particularly favorable to the increase in value for your property.
When utility costs are low, tenants are more likely to renew their leases and stay for the long-term. A massive utility bill cuts into the budget of the tenant and might be a primary cause for them being unable to pay their rent on time (here is what to do if your tenant isn’t paying rent). It’s wise to deploy energy-saving measures to prevent this kind of potential dilemma.
Additionally, as consumers, we’re all responsible for reducing waste and finding ways to be more energy-efficient. This way, we also protect the environment and save our natural resources in the process.
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