Old Bay Insurance Agency Blog
As a rental property owner, the thought of cutting monthly costs to make up for rising maintenance expenses might have crossed your mind. Well lucky for you, because one of the easiest ways to save money is to make your rental properties as energy efficient as possible.
Here are a few easy ways to save energy in your rental property:
Change the lighting
Check the lighting used in the rental units. Some lights consume a lot more energy than others. It is recommended to equip your rental property with energy-efficient light bulbs, compact fluorescent lamps (CFL), or LED rather than incandescent light bulbs that will cost you higher electricity bills.
Install Low-flow Showerheads
Low-flow showerheads use less water than conventional showerheads, thus saving you much on utility costs. It is one of the smartest ways you can take to conserve water and lower your water bill. So, when you build a new rental property, make sure you invest in low-flow showerheads.
Choose Energy-Efficient Appliances
It is recommended to purchase appliances and electronic equipment that has received Energy Star rating. They can help you save energy even when turned off while maintaining features like clock displays, remote-control functions, and channel settings. Moreover, you’ll be saving a significant amount of money in the long run.
Check Water Heater Settings
Some landlords choose to turn the water heater to a higher setting to avoid tenant complaints, but this will result not only in scalding hot water but also wasted energy. Make sure the water heater in your tenants' place is set at the lowest comfortable setting.
Compose an Energy Policy
To fully implement your energy-efficient efforts, get your tenants involved by writing a policy for them to follow. If possible, you might consider including the policy in the contract to encourage more your tenants. You are not only saving energy, but you can also make eco-conscious tenants happy to stay in your rental property.
Making your rental property more energy efficient doesn’t have to be a complicated process at all. It doesn’t have to be done all at once, but try to implement a couple of the abovementioned ways at a time. Before you know it, you’ll not only be saving a significant amount on your utility costs over time, but you are also making your tenants happier where they live.
Moreover, ensure that you have rental property insurance to secure your property in case of unforeseen events.
At Old Bay Insurance Agency, Inc., we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (410) 777-5390 or Click Here to request a free quote.