Energy Efficiency in Property Management
A growing emphasis has started being placed on energy efficiency in the property management industry. It's possible that this is connected to increased conversation around sustainability in general, but saving money and avoiding waste have always been property management best-practices.
As a property manager, it is important to understand that energy-efficient practices can significantly reduce energy consumption and costs, promote sustainability, and even increase property value. Energy efficiency is not just about reducing energy usage. It also involves optimizing energy use for maximum benefit. It's about making sure that the energy consumed on our properties is utilized in the most effective way possible.
According to an Energy Star report, energy usage was the single largest operating cost for property managers. Creating an energy-efficient property can cut energy costs, increase property value, and reduce equipment maintenance. No property manager would say no to all that, so the real question is: how do we do it?
How To Do It
Like most aspects of your job, it takes some consistent effort. But that doesn't mean it needs to be complicated or overwhelming.
Educating tenants is an essential part of just about every property management practice and engaging them in energy efficiency initiatives is also crucial. By educating tenants about energy-efficient practices and involving them in your initiatives, you can unlock the full energy savings potential of a building.
Consider regular email communications, occasional events, or printed flyers with helpful information. And feel free to take advantage of our library of educational content and free PDFs for tenants:
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Technology That Helps
Technology plays a significant role in improving energy efficiency. Smart thermostats, energy-efficient appliances, LED lighting, and programmable power strips are a few examples of technologies that can help reduce energy consumption.
Moreover, technology can make properties safer and prevent significant property damage. For instance, fire and leak monitoring systems can alert property managers to potential issues before they become costly problems.
Building For Efficiency
If you're undertaking a new build then you have the luxury of building sustainability into the very design of your property. One significant consideration when planning an energy-efficient design is the building's location. The orientation of the building, the local climate, and the availability of natural resources can all affect energy usage.
Retro-commissioning is another process that can improve energy efficiency in buildings. This involves assessing the building's systems and equipment to ensure they are operating efficiently. Simple elements such as changes in occupant numbers can impact the energy efficiency of a building.
Energy efficiency is a crucial aspect of property management that leads to significant environmental, financial, and competitive benefits. By embracing energy-efficient practices and technologies, property managers can create sustainable properties that benefit everyone.