Rental owners could save on energy costs

Various housing improvements can be made to increase energy efficiency, such as using more efficient lighting fixtures and appliances. Limiting the use of hot water is another step, as is improving insulation so that temperature control is less costly. A recent report indicates that landlords may be underestimating the potential benefits of such measures.

Research results from the American Council for an Energy-Efficient Economy (ACEEE) suggest that nationwide implementation of efficiency improvements by rental owners could save more than $3 billion overall.

Some government programs exist to encourage and support such improvements, and utility companies may have similar initiatives. These can reduce the cost of installation, among other benefits, but owners are often unaware of the existence of such programs, according to ACEEE.

Property owners may need to check that state and local government ordinances and any relevant homeowners association management regulations allow the necessary work. Personnel involved at those levels may be aware of any area programs supporting energy efficiency improvements. Once complete, upgrades may also be a selling point that rental managers can use to attract tenants, in addition to its their direct benefits.