One of the reasons why people prefer renting to owning is because it is cheaper. The cheap aspect is because they do not have to cater to costs like utilities. Landlords spend a lot of money on water, electricity, and gas bills annually. Below are some tips for utility bill management:
Cleaning HVAC filters
The easiest way to reduce electric bills in your building is by cleaning HVAC filters. The HVAC system is one of the significant contributors to the cost of utility bills in a building. When the HVAC units are dirty, they usually have to work harder and less efficiently. Therefore, cleaning your HVAC filters will often help you reduce your utility bills and improve the unit’s efficiency.
Another way a landlord can reduce utility bills is by sealing cracks. Usually, heat enters and escapes the buildings or homes through crevices or cracks around the doors and windows. When this happens, the amount of energy used increases significantly. This mostly happens because tenants have to turn their heat so high. During the cold seasons, the tenants have to turn up their conditioners as low as they can. Therefore, you can reduce your utility bills by preventing unwanted airflow.
Managing the temperature on water heaters
Landlords can manage their utility bills by turning down the water heater temperature. This can help to save a lot of money. Typically, the more you lower the temperature, the more you reduce the utility bills. However, you do not want to reduce it so much that your tenants start complaining. You can reduce it to about 120 or 130 degrees from 140 degrees. Doing this will reduce your utility bills by between 5 to 20 percent annually. Note that the amount of money you spend on water heating depends on the amount of water usage and the company you are working with.
Using energy-efficient light fixtures
Installing energy-efficient light fixtures can also go a long way in reducing utility bills. LED lights would be the best option because they use less energy than conventional fixtures. Therefore, the best thing to do would be to replace all incandescent or fluorescent lighting at your rental property. Doing this can reduce your utility, particularly electric bills, by as much as 25 percent annually. Additionally, LED lights are very durable. They can last between 10 and 15 years. Therefore, you will not have to spend a lot of money replacing the fixtures. Additionally, you will spend less money on maintenance.
Consider a programmable thermostat
Programmable thermostats are quite popular for rental properties at the moment. This is mainly because programmable thermostats help to reduce utility bills significantly. With these gadgets, you can set the temperature to vary throughout the day and night. This means that you can take advantage of the exterior temperature fluctuations when setting the temperature at different times. This is important because when tenants are out during the day, the temperatures remain as they left them in the morning. With a programmable thermostat, you do not need the tenants to turn up or down their home temperatures physically. All you have to do is install the programmable devices and explain to your tenants how and why they need to use them. By doing this, you reduce the amount of energy consumed hence saving money on utility bills.
Insulating your rental property can reduce your utility bills drastically. You can do this when building the property, rip open the walls or install the insulation in areas that are already open, like attics and crawl spaces. With proper insulation, your tenant’s houses will be more relaxed in summer and warmer in winter. This means that they do not have to use the heaters or conditioners as much.
There are several other ways through which you can reduce utility bills in your rental property. For instance, you can get energy-efficient appliances, install low showerheads, and replace burnt down boilers. You can also consult a utility bill management expert for assistance.March 11, 2021