Sustainable Property Management: Making Your Property Energy Efficient
Energy, efficiency, and sustainability are going to be hot topics as we enter both a new decade and a new age of environmental awareness in the Dallas-Fort Worth area. Dallas has enacted its first climate action plan, Fort Worth is following suit and four out of five Texans understand climate change.
With 38% of Texas households being rentals, property owners will be at the forefront of the increasing demand for “green” business strategies. Get ahead of the market and what the newest generation of renters want by making environmentally-friendly improvements to your property!
How This Helps in the Short Run:
- Tax Credits:
There are Federal Income Tax Credits that “green remodelers” can apply for. In 2020, the credit was worth up to $500 of all costs, including installation.
- Decreased Energy Bills:
The most obvious and immediate benefit is the savings! An energy-efficient home saves you and your tenants money year after year.
How This Helps in the Long Run:
- Reduce Pollution:
Suburban neighborhoods contribute about 50% of all household carbon emissions in the US. As we continue to invest in housing, we must recognize the current and future legislative pushes that aim to reduce the average American’s carbon footprint. By implementing strategies now, you will be ahead of the curve should any mandates come down the line later on
- Knowing Your Market:
The newer generations of renters – Millennials and Gen Z – have demonstrated that they will readily spend more money with a company that reflects their eco-friendly values. Promoting that your property has taken measures to be energy efficient is a great marketable sales point to what is quickly becoming the largest renting demographic!
Cost-Effective Energy-Saving Upgrades:
Larger Energy-Efficiency Investments:
- Insulate the Attic – this can reduce your energy bill 10-50%!
- Tankless Water Heater
- Solar Panels
- Programmable Thermostats
- Install low-flow showerheads and toilets (or even dual toilets!)
- Install low-consumption dishwashers and washing machines
The possibilities are nearly endless with green remodeling!
Whether you’re looking to rent one property or invest in a multi-family unit, a property management company like Frontline Property Management can help define your strategies as well as handle the day-to-day operations for your property.