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Tenant satisfaction and the need to regulate operational expenses are constant challenges for property managers.
The budget for a building can be significantly impacted by energy costs in particular, but there is good news: renewable energy sources can help.
Check out these scalable strategies in this blog to save energy costs in multi-tenant buildings without sacrificing quality or comfort.
• Making the switch to LED lighting
Switching to LED lighting is an easy and affordable first step. Compared to traditional lights, LEDs last 25 times longer and consume up to 75% less energy. Switching to LED alone can result in significant savings for landlords that oversee common areas such as stairwells, parking lots, lobbies, and hallways.
Bonus: LEDs reduce maintenance costs, which means fewer replacements and less disruption.
• Installing solar panels on the roof
Rooftops are typically underutilised most of the time, especially in residential buildings and offices. Installing solar PV systems allows you to generate your electricity and reduce your reliance on the grid.
Billing options include offsetting energy use in communal spaces, feeding into tenant supplies through sub-metering or power purchase agreements (PPAs), and exporting surplus to the grid for additional money.
Solar can often be installed for free through a lease or power purchase agreement.
• Utilising monitoring and smart control technologies
Building management systems and smart meters provide statistical data, insights, and real-time monitoring of your energy consumption.
Monitoring trends allows you to manage heating and cooling schedules, identify inefficiencies early on, and track the operation of renewable energy sources such as solar panels and heat pumps.
Smart controls can also provide renters with better transparency into how much energy they consume, encouraging them to be more energy-conscious.
• Considering Air Source Heat Pumps
Heating and hot water account for a large portion of energy costs in residential blocks. Air source heat pumps (ASHPs) are an energy-efficient alternative to gas boilers and work especially well for shared systems.
Modern ASHPs can heat water up to 60°C, making them viable for both new developments and retrofits.
Look into schemes like the Boiler Upgrade Scheme (BUS) or government grants to offset costs.
• Batteries for Energy Independence
When you combine solar with battery storage, you can store extra energy produced during the day and use it when energy rates are highest (peak hours). This is especially handy for buildings with social spaces that function outside of normal business hours, such as gyms, security lighting, or lifts.
• Upgrade old insulation and windows
This may seem obvious, but upgrading insulation and adding double/triple-glazed windows in older buildings can significantly reduce energy use. When you combine this with smart technology and renewable energy, you can save a lot of energy.
• Look for cost-neutral or financing options
Many renewable upgrades can be completed without capital expenses through financing programmes, leasing, or shared savings approaches.
Keep a lookout for:
Green finance providers.
Government grants and funding, including SALIX and BUS.
Energy efficiency is more than a 'nice-to-have' for property managers; it is critical to cost savings, future-proofing facilities, and meeting expanding investor and tenant sustainability concerns.
Regardless of the size of your mixed-use building or apartment complex, a renewable alternative is available to you. Take a free feasibility evaluation to learn where you can begin saving.
