Attract Long-term Tenant Occupancy With An Energy Efficient Rental Home

As governments across the world move towards a low-carbon economy, Canada’s new carbon tax is a progression towards achieving energy conservation. Irrespective of the backlash it has received, optimists and policymakers maintain that this is the only way to nudge people to cut down their energy consumption. A report by Global News Canada says that the tax will see Canadians pay at least $20 per tonne of carbon dioxide emitted starting January and the figure can rise to an estimated $50 per tonne by 2022. This is bound to affect households as well. Higher your energy consumption, higher the taxes you pay. As per Statistics Canada, Alberta is among the top 3 provinces responsible for energy squandering.

All of this has led to tenants looking for energy efficient rental properties. And, as opportunistic landlords, you ought to prep your homes to suit the market demands.

So, how do you make your rental properties energy efficient? Well, there are a variety of ways through which you can make your home go green. Here are a few actionables to help you get started.

Conduct an Energy Audit

The first step towards creating energy efficient rental properties is by conducting an assessment of your energy consumption patterns. You can use this opportunity to evaluate and replace your energy-sucking appliances like your heating and cooling systems. Buying new equipment might seem like a huge investment, but in the long-run this would save you a lot and lead to profitability. Moreover, it will also increase the likeability of your home among prospective tenants.

You can also choose to hire a professional contractor to do the job. They will analyze the energy systems of your home and take a look at your energy bills. And, they will then suggest the necessary changes to reduce your overall energy consumption.

Consider Air Sealing your Attic to Insulate your Home

Insulating your home against the harsh cold air from outside can prevent the warm air from leaking outside during the freezing cold. You can do this by adding new or additional insulation to your ceilings, attic, walls, and ensuring door and windows are properly sealed with the help of caulking and weather stripping. When the weather heats up, these same improvements will help trap the cool air from air conditioning inside your home during the sweltering summer.

Replace Old Appliances

It is a known fact that older appliances tend to consume more energy as compared to newer ones. Greenifying your home is your opportunity to replace all your old equipment with Energy Star certified systems. This will go a long way towards saving energy and lowering your electric bills. When replacing your kitchen appliances; the washer, dryer, water heater, or furnace, research the various models and features, so you’ll know which ones are the most energy efficient. Look for models that are labeled as “Energy Star Certified” to ensure you’re getting an energy and a money-saving appliance. Examples of energy efficient fixtures include low-flow shower heads, washing machines, and toilets. And, a high-efficiency water heater only fires when you call for hot water. It heats up fast and then quits burning fuel.

Install Solar Panels

With solar energy being the ‘in’ thing everywhere, it only makes sense to use solar panels to make the best of the abundant renewable source of energy. Solar panels are highly efficient as they do not use electricity, but use solar energy to generate power and heat water. They are, no doubt, expensive to purchase and install, but are a great long-term investment as your tenants won’t have to pay exuberant power bills at the end of every month. Solar panels are usually installed on the roof of your home.

Use CFL and LED Bulbs

Bulb type	Energy Consumption
Incandescent bulb	60 Watts
CFL bulb	13-15 Watts

While energy activists keep yapping about energy conservation, seldom people talk about the specifics. As homeowners, you can start small by replacing energy draining equipment with energy efficient ones. You can consider replacing your incandescent bulbs with Halogen bulbs, compact fluorescent lamps (CFLs), and light-emitting diode (LED) bulbs. These options are more long lasting and energy efficient as compared to incandescent bulbs. Imagine if you use at least 20 bulbs, shifting to the energy saving options would save you so much money on your power bills. To give you a better understanding of the comparison you can take a look at the table below:

Both the above-mentioned bulbs provide the same intensity of light but use up significantly different levels of energy. Do we need to say more?

Focus on the Outdoors

While you lay your focus on making your rental property energy efficient, don’t forget to make the necessary changes in the outdoors of your property as well.  In your quest for making your home energy efficient, you might want to inspect sprinkler systems for leaks, plant drought-tolerant shrubs and perennials, and give them the proper amount of sunlight, use LED lamps in your lawn, and use a manual land mower. These small steps can make a huge difference in saving you dollars on energy utilization.

Install an Automatic Thermostat

You can save as much as 10 percent on your annual heating and cooling costs by dialing back your thermostat 7 to 10 degrees Fahrenheit from its normal setting, for eight hours a day. If you live in extremely hot or cold climates, installing an automatic thermostat can make a huge difference when it comes to cutting down on energy use without sacrificing comfort.

With the help of these steps, you can easily turn your energy draining homes into energy efficient rental properties. This, in turn, will make your rental property an attractive purchase for prospective tenants. The more value they see in your home, the better your chances of attracting a long-term tenant occupancy.

Looking for energy efficient rental properties or for prospective tenants? Connect with us at Rental Advisors, and we can help you out.