Owning a commercial property comes with an enormous opportunity for generating passive income. To get the most out of it, though, you'll need to minimize your overhead costs. It may shock you to learn that approximately 30% of the energy commercial buildings use each year is wasted.
Over time, this can add up to a considerable amount of money. Energy management for commercial properties is crucial for both cost savings and sustainability. Let's break down the key factors you need to know about commercial property energy management.
Consider Solar Panel Installation
Many commercial property owners overlook this opportunity due to its startup costs. The good news is that there are often financial incentives you can take advantage of.
In Boulder, Colorado, your property may qualify for tax rebates by having solar panels installed. Over time, this equipment will also pay for itself.
Establish a Recycling Policy
Without a policy in place, you can't guarantee that your tenants will go out of their way to recycle. Educate them on the importance of recycling and make it easy for them to do so.
Place recycling bins in convenient locations throughout your facility. This will go a long way toward improving sustainability in your building. A property management company can advise you on the best areas to consider.
Regularly Assess Energy Usage
Conducting regular energy audits is crucial. This is the only way to gain insight into your performance. It will also help identify areas of concern.
For instance, you might notice that your HVAC system runs more often/intensely than it needs to. You can use this information to make the appropriate changes. Energy management services can provide greater insight into your facility's energy usage.
Leverage Smart Technology
Some of the most common forms of smart technology in commercial buildings are emergency management systems (EMS) and networked lighting controls. Emergency management systems use software and sensors to control certain technology in your facility. This typically includes lighting, HVAC, etc.
They can automatically adjust lighting levels and temperature. This allows you to optimize energy usage.
Networked lighting controls adjust lighting levels based on daylight and occupancy. During the evening, lighting levels will automatically be set to none or very low. During the day, they can automatically provide more light.
Provide Tenants with Sustainability Incentives
This is one of the most effective options when it comes to boosting sustainability. Common incentives include access to amenities and reduced rent.
These will vary depending on the scenario, but you should strive to provide your tenants with something of value in exchange for sustainable behavior. When in doubt, ask them what they would benefit from the most.
Never Neglect Energy Management
It can be difficult to focus on energy management when dealing with the other responsibilities of owning a commercial property. The above information can help get you started on the right track and minimize your costs while maximizing your sustainability. From here, you'll have less stress on your budget and achieve a reduced carbon footprint.
PMI Coal Creek prides itself on having the tools and resources to aid with commercial property management. No matter the size of your facility, we can aid with sustainability. Schedule a consultation today to learn more about how we can help.