Going Green Makes a Lot of CENTS
Youve likely heard the term going green and why its good for the ecosystem. But what about the dollars and cents aspect? There are any number of reasons why building and business owners should invest in energy-efficient upgrades in their multi-family similarities.
First, bear in mind how much LESS efficient older structures and related appliances and systems are compared to newer ones. Lets take the example of a Heating, Venting and Air Conditioning System (HVAC) system on but one of your similarities. Older buildings often have older HVAC systems with Seasonal Energy Efficiency Ratio (SEER) ratings of only 6-11. Conversely, a new building, or one with an upgraded HVAC system, has a SEER rating of 15-20 – or more. And energy savings = cost savings.
* As an advertising tool. Being seen as a developer interested in going green will reap dividends as youll be seen as being environmentally friendly – promoting the ecosystem while lowering energy bills for renters at the same time! This will make your similarities more desirable, especially for the younger set.
The caveat here is practicing what you preach. Green marketing wont work unless your organization is committed to protecting the ecosystem. The last thing you want is a connect between what your brand says and what you truly do. If you follow the other bullet points in this article, youll be well on your way!
* Differentiating yourself from your competitors. Because going green costs more at first, you can be rest assured that not every business developer will be willing to make a green commitment. But doing so will pay off in the long run. Appraised value of your character, for example, can be expected to double by installing SMART technology that improves energy efficiency. Going green makes a lot of cents.
* Increasing the bottom line of your similarities. Homeowners know that remodeling – such as new siding, roof, etc. – will increase the value of their home. Its like that with developers, too! As noted earlier, energy-efficient upgrades can easily average add double the cost of the upgrade to the value of your character.
* Saving renters money. Installing energy-efficient HVAC systems, lights, water heaters, etc. on your premises will save renters in monthly expenses. A residence with energy-efficient upgrades can realize a 30 percent savings – or approximately $100 to $150 – in a single month. Renters can save a lot of money pretty quickly!
* Extending the life of different systems (lights, water, AC) with smart thinking technology to function more efficiently. Efficient appliances not only cost less to run, but they also last longer. Consider the example of a simple LED light bulb. A typical LED light will last 1,500 operating days, or almost five years. Can your incandescent bulb say the same thing? And if a single LED light can last that long, how much longer can much costlier systems be expected to function?
As you can see, there are a lot of reasons why investing in energy-efficiency upgrades in multi-family similarities makes a lot of cents for any developer or investor. What are you waiting for?