Whether you are renting out a property as an investment or managing an entire complex, reducing and managing energy costs is vital. Utility management is a common challenge faced by landlords. When electricity is included within monthly rentals, it can be even more challenging to avoid excessive costs that result in reduced rental income. While you don’t want to leave your tenants in the dark, you do want to find solutions that benefit everyone. In this article, we share some effective ways to reduce energy costs as a landlord.
Reducing Energy Costs as a Landlord
Here are just a few things you can consider to lower your property’s energy costs.
1/ Remote metering
This solution enables meters to be monitored off-site. Remote metering can be done through a number of options, from stand-alone installations to multiple point systems that use seamless communication through GSM, LAN and RF devices. Single and three-phase power supplies are installed into one communications network that has multiple supply sizes. Remote metering verifies billing accuracy, prevents wasted power, monitors voltage, current and power factor remotely and makes it easier to budget.
2/ Utility management
As a comprehensive solution, utility management incorporates audits, meter readings and ongoing management. Savings related to unit costs can be achieved, changes can be made to improve the efficiency of sustainable energy throughout the year, power efficiency helps to lower overall costs, performance is improved through audits to identify saving opportunities, and profit margins are increased, thanks to savings, rebates and refunds helping to increase profits as a whole.
3/ Power factor
Power factor correction reduces excess power that results in increased peaks on maximum demand (kVA). Maximum demand is typically caused by inductive load, which, in turn, is caused by motor-driven equipment that includes air-conditioning. The equipment comprises capacitor banks that reduce energy during peak periods, helping to reduce spikes. When the maximum demand is decreased, kVA is decreased and local supply authority charges are decreased. As the kVA rate is constantly changing, tariffs are often more expensive in winter. Tools such as power factor help to save costs with a return on investment in 6-24 months.
Energy Management Solutions has all the tools you need to save on power. Contact us today to learn more about how we help you reduce energy costs as a landlord.