How Multifamily Property Owners Can Leverage Conservation Programs

Did you know that there are many utility usage and conservation programs that multifamily property owners can take advantage of? In this blog, we discuss some of the details of these programs and how a utility billing system makes it easier for property owners to make the most of these programs.

An Overview of Common Conservation Incentives and Programs

Conservation programs are designed to encourage multifamily property owners to reduce energy and water consumption. These programs usually offer financial incentives like grants, rebates and tax credits to motivate multifamily property owners to install energy-efficient appliances and to make use of renewable energy sources.

There are many incentives and rebates out there. From local to national initiatives, these conservation programs typically fall into three main categories.

• Energy Efficiency Programs: There are many incentives and rebates for installing energy-efficient appliances, lighting, HVAC systems, and insulation.
• Water Conservation Programs: Installing low-flow toilets, showerheads, and efficient irrigation systems can reduce water usage and help you qualify for rebates and incentive.
• Renewable Energy Incentives: Installing solar panels or other renewable energy systems can qualify for federal, state, and local incentives, including tax credits and rebates.

Now that you know the types of conservation programs that are available, let’s explore how you can take advantage of them.

How to Take Advantage of Conservation Programs

Step 1: Research Available Conservation Programs

To leverage conservation incentives, you need to know what programs are available to you. Many organizations, from local utility companies to the federal government, have conservation programs running, so researching these incentives can quickly become overwhelming. To simplify your search, here are a few places to look first.

• ENERGY STAR: Managed by the Environmental Protection Agency and the Department of Energy, ENERGY STAR offers property owners tools for benchmarking performance as well as resources on available rebates for appliances, HVAC systems and other upgrades.
• Database of State Incentives for Renewables & Efficiency (DSIRE): DSIRE is a database of federal, state and local incentives and policies that promote renewable energy. This resource allows property owners to search by location to find incentive programs to take advantage of.
• Local Utility Providers: Many utilities offer rebates for energy and water conservation. Checking with your local providers is another good resource for finding out more information on conservation incentives.

Step 2: Audit and Benchmark Your Utility Usage

Before making any updates, you need to know your current energy and water usage. Auditing your utility system and benchmarking your multifamily property’s usage against other similar properties will help you identify areas for improvement and set realistic energy consumption goals.

It’s important to note here that utility audits and benchmarking are much easier when you have a utility billing system in place – preferably a submetering system. With a submetering system, each unit in your multifamily property has its own utility meter to measure utility consumption. This allows you to get a better idea of the utility usage across your entire multifamily property, so you can make more informed decisions on the updates and improvements that will have the most impact.

Step 3: Implement Infrastructure Improvements as Needed

Now that you know what programs are out there and your property’s current utility usage, it’s time to implement upgrades. At this stage, it’s important to prioritize projects based on costs, available incentives and rebates and the potential savings down the line. Some examples of upgrades include:

• Installing energy-efficient appliances: Replace old appliances with ENERGY STAR-certified models that will lower your water and electric consumption.
• Switching to LED lighting: LED lights are more efficient than incandescent and fluorescent bulbs.
• Upgrading to low-flow fixtures: Replace showerheads, faucets and toilets with low-flow models to reduce water usage on your property.
• Upgrading your HVAC system: Switch to energy-efficient heating and air conditioning systems with programmable thermostats.
• Adding solar panels: Solar panels are a great way to generate renewable energy and reduce your property’s reliance on grid electricity.

Step 4: Continuously Monitor and Maintain Your System

Environmental and conservation efforts aren’t “set it and forget it” projects. Once you have your upgrades in place, you should regularly monitor their performance to ensure usage is going down and the cost savings are coming in.

To do this, revisit the audits and benchmarking you did earlier to help determine which upgrades to prioritize. Running these audits again after the completion of the project can show the effectiveness of your updates and uncover areas for further optimizations.

The Benefits of Conservations Programs and Utility Billing

Environmentally friendly upgrades require an initial investment, but in many cases, they more than pay for themselves in the long run. Taking advantage of conservation programs and making environmentally friendly updates to your multifamily property comes with the following benefits:

• Cost Savings: Lowering your property’s utility consumption also lowers your property’s and your tenant’s utility bill. That means your operating costs are lower, which increases your net operating income (NOI) and property value.
• Environmental Impact: Reducing utility consumption reduces greenhouse gas emissions and the carbon footprint of your property.
• Tenant Satisfaction: Depending on your market, your tenants may appreciate your eco-friendly efforts, leading to higher retention rates. This can also be helpful in attracting new tenants.

You can add to these benefits by billing back utilities to residents. Utility billing puts resident in charge of their utility usage and cost savings. It encourages conservation and lowers the master meter bill for your property.

By using your utility billing system to make smart upgrades and take advantage of incentives, benefiting the environment can also benefit your bottom line.

Overwhelmed? A Utility Billing Expert Can Help

Utility billing and conservation programs are a lot to keep track of. You and your team likely have enough on your plate. A utility billing expert can help you implement a utility billing system, track usage data, recommend upgrades and help you take advantage of the conservation programs that make the most sense for your multifamily property.

Want to start utility billing and taking advantage of incentives? Get in touch with Synergy Utility Billing. Our team is here to help.