Isn’t it tough to see gas prices above $3/gallon again? And home heating oil isn’t far behind. It’s no wonder that saving money seems to be at the top of everyone’s mind these days.
No matter what your real estate investment is – from the single family rental property to the large multi-unit apartment complex – investors and tenants alike can all benefit from saving money this winter.
Share these 5 winter energy savings tips with your tenants today:
1. Install a digital thermostat. If your tenants are working during the day, there’s no point in keeping the temperature high when no one is home. A digital thermostat allows tenants to program a lower temperature during work hours and have the heat click on right before they get home. Also, setting a lower nighttime temperature can save money while they’re huddled under the covers.
2. Wrap the hot water heater and pipes. If you’re a landlord, consider this your holiday gift to your tenants. A $10-$20 water heater blanket can help keep the standing water warm, thus reducing the water heating cost by 4% – 9%. Also, wrapping the pipes leading to and from the hot water heater can help insulate the pipes and keep the water warm, thereby reducing the number of times the furnace clicks on.
3. Switch to compact fluorescent light bulbs. These light bulbs are more costly than the older versions but are supposed to last longer. Experts say that a $10 bulb can help save about $40 over its lifetime.
4. Use a timer to turn on your outdoor holiday light display. If you revel in celebrating the holidays with lights, switch to LED lights which conserve energy (same idea as the CFL light bulbs for indoors). Also use a timer to shut off the lights at bedtime so you save energy and the rays don’t disturb your sleeping neighbors (think Clark Griswold from National Lampoon’s Christmas Vacation movie).
5. Use weather-stripping to block drafts from windows and doors. If you can feel cold air seeping into your home, then you can be sure the heat is seeping out just as easily. Purchase some rolls at the hardware store and install it as directed, making sure the leaks are tightly sealed.
One extra tip that is good to remember all year round is to replace older appliances with Energy Star appliances. These energy-efficient appliances have been proven to cut energy costs by up to 30%.
For more energy-saving tips, click here.
