Energy saving tips for investment properties
Improving your investment property's comfort and energy efficiency makes a lot of sense for landlords. At Key2 Realty, we have found that quality tenants will be more likely to stay in a comfortable and cost-efficient property with lower ongoing utility bills.
To transform your investment property into a desirable option for tenants, consider making some upgrades and adjustments. Here are some energy-saving tips from AGL to help you transform your investment property into a place that's desirable to rent and comfortable to live in.
Develop a property that's comfortable
Draft proofing the internal and external doors and fitting door seals to external doors needn't be expensive. With as much as one third of heating and cooling lost through gaps and cracks this is particularly important in older homes. Chimneys and flues dampers are also a common source of air leaks; this is easily addressed by fitting dampers and is a great way to save electricity.
To help keep the place cool in Summer, and retain heat in Winter, fit efficient window coverings like lined curtains and properly fitted blinds or window insulation film. Check for and seal gaps between ceilings, floors, walls and new window frames by using a candle
Home insulation makes a big difference to a property's energy performance – saving up to 45% on heating and cooling energy and significantly improving comfort levels. It's worthwhile investigating either replacing or adding insulation to your roof and/or ceiling floor and walls. Select a high R-value insulation that's installed professionally, e.g. in Victoria a minimum of R3.5 is recommended.
Contain heating and cooling costs
Cooling a property with ceiling fans is the most energy-efficient method. Fans aren't just cheap to buy and run, they operate quietly and they suit all room sizes. If your property has an air conditioner, encourage tenants to set timers to keep their costs under control and to set the unit at the optimal temperature setting of 20 degrees. Also, set reminders about cleaning filters to ensure their optimal operational efficiency.
Take a close look at your water heater
After space heating and cooling, water heating is the second-largest energy user in the average Australian home. It accounts for approximately one-quarter of household energy use and greenhouse gas emissions. Get your local plumber to check the thermostat is set to an optimum temperature. To further reduce heat wastage, insulate external hot water pipes. When you're buying, compare water and energy efficiency star ratings between models.
Be water-wise
- Install AAA WELS-rated taps and bathroom fixtures in the bathroom and laundry.
- Upgrade to a dual-flush toilet, which uses around 60% less water than a single flush unit.
- If your hot water system is ripe for replacement, consider highly efficient water heaters, such as 5-star gas or solar.
- When choosing a washing machine, go for one that has a 5-star WELS rating.
- In the kitchen, choose a high WELS rated dishwasher.
Investigate rebates
You could be eligible for rebates to help offset the upfront cost of energy or water-saving features. Do your research – through local council and your energy providers.
Create energy saving checklists for tenants
Your local and state government websites include all kinds of sustainable living tips. By implementing the tips above and considering providing printouts for your tenants on how to save energy & money, you're not just doing your bit for the environment, you'll also be helping to reduce your tenancy churn rate. Now that's a win-win for everyone!