5 Energy Efficiency Improvements for Multifamily Asset Repositioning
High energy consumption is one of the main concerns for multifamily property owners, which explains the reason why energy efficiency improvements are usually a part of multifamily asset repositioning. A strategic energy management plan can help property owners in reducing energy costs and increasing the profitability of their multifamily assets. Making energy saving improvements as a part of asset repositioning can also qualify owners for a number of tax benefits. In this blog post, we discuss some recommendable energy efficiency improvements for multifamily asset repositioning.
1. Star-rated Equipment
The heating and cooling costs of common areas in multi-family properties skyrocket during peak winter and summer. Property owners and managers can substantially reduce these costs by using Energy Star qualified air conditioning systems, heat pumps, boilers, furnaces and other such equipment. Similarly, using star rated washing machines, dishwashers, TVs, and other fitments in the common area also reduces power consumption.
2. Smart Control
Lighting controls in multifamily properties can play a significant role in reducing the energy costs. Property owners can install low cost lighting controls to ensure that the lights are not left on even in area that are unoccupied. Property owners can also use photosensors in exterior lighting applications and naturally-lit areas such as balconies and lobbies. Installing vacancy sensors in fitness centers, electrical rooms, business centers and restrooms can also help in saving significant energy costs.
3. Energy-efficient Windows
Though windows provide warmth, light, and ventilation, they also have a negative impact on the energy efficiency of a multifamily building. Installing energy efficient windows can help you save big on your energy bills through lower heating and cooling costs. Replacement, however, is not the only solution. You can also make energy efficiency improvements to your existing windows such as caulking and weatherstripping, adding storm windows, and more.
4. Cool Roofs
During summer, standard roofs can reach temperatures as high as 150°F. Cool roofs, on the other hand, stay 50°F cooler in similar conditions. Cool roofs are layered with highly reflective paints, tiles, shingles and other materials that absorb very less heat, as compared to standard roofs. As a result, these roofs don’t heat up, which decreases the need for airconditioning. The best part about cool roofs is that they not only reduce energy costs, but also reduce the carbon footprints of the property.
When warm air escapes from a building through mechanical shafts, elevators, garbage chutes or any other openings, it leads to energy loss. Such openings also cause the cold air to enter through the doors or windows. Heat loss as a result of these leakages increases the energy costs and reduces the energy efficiency of the building. Property owners, therefore, need to ensure that all such openings are insulated in order to optimize the energy efficiency of their properties and reduce power bills.
Last Few Words
Energy improvements enhance the overall profitability of a property, by decreasing the cost of operations, and at the same time, contributing towards the greater good. If you are thinking on the lines of asset repositioning, investing in the energy improvements we have discussed is sure to help you save on energy costs and also qualify for various tax benefits. If you wish to learn more, the experts at United Renovations can help. For a free consultation, call us at (972) 432-6922 or fill out our contact form.