Property Payoffs: Which Energy-Efficient Upgrades Should You Invest In
Investing in energy-efficient upgrades not only attracts renters who want to go green but also decreases the cost of managing and operating your rental properties. Not all energy-efficient upgrades are worth the investment, though. If you’re debating which energy-efficient upgrades to invest in to increase the value of your rental properties, consider these upgrades that pay off for themselves.
Upgrade to a Programmable Thermostat
While you should also consider investing in a preventative maintenance agreement to ensure your HVAC system operates efficiently, upgrading an old thermostat to a programmable one is an easy upgrade that offers total control over the environment inside the property. Programmable thermostats reduce monthly utility costs by up to 15 percent and lessen your property’s impact on the environment.
Upgrade to Energy-Efficient Appliances
When it concerns upgrade requests, 78 percent are for bathrooms and 69 percent are for kitchens. Whether you’re remodeling the kitchen, the bathroom or both in hopes of increasing rent, consider upgrading to energy-efficient appliances that have been approved by the ENERGY STAR program. Whether it’s a dishwasher, a toilet or a washer, upgrading to an energy-efficient variety will reduce water use, decrease operating costs and lead to lower water expenses. The same goes for all the appliances in your property that use electricity – the stove, the dryer, etc.
Upgrade to LED Lighting
Speaking of electricity, old lighting uses a lot of it. To reduce electricity costs, upgrade to LED lighting in all areas of the property. Of all the upgrades that save money and the environment, this is the easiest one to perform in your property.