There are millions of landlords in the United States. If you’re one of them or are about to be one of them, it’s time to consider making your rental home eco-friendly.
Eco-friendly homes are becoming more popular every year, so that makes being eco-friendly a major plus for your property. Your list of potential renters will go up, and that makes it easier to find a quality tenant.
An energy-efficient rental home will cost less money per year to supply energy to. If you’re paying the electric bill, your energy savings will immediately translate into financial savings for you. If your renter is paying it, having a lower electric bill will be another great factor to list on your rental descriptions.
Having eco-friendly rental properties can make you eligible for tax breaks, like the Residential Energy Efficient Property Credit. That can save you a lot of money come tax season. You can get a rebate of 10% of the amount you spent on energy efficiency improvements alone.
Now that you know the benefits of being an eco-friendly landlord, you can apply for a loan (if necessary) and take steps to financially prepare yourself for your venture. Once you have the keys, it’s time for the eco-friendly improvements to begin. Here are five eco-friendly ways you can increase the value of your rental home.
1. Install Low-Flow Fixtures
Low-flow toilets, faucets and showerheads can drastically reduce the amount of water your tenants consume on a daily basis. If they’re responsible for paying utilities, they’ll see an immediate difference in their water bill, which can make your property more attractive to renters and more affordable for them.
If you pay the utilities, you’ll easily recoup the upfront cost of the fixtures with lower bills every month. Some states mandate that plumbing fixtures be low-flow; if your state hasn’t done this yet, choosing low-flow fixtures will put you ahead of the curve.
2. Invest in an Energy Management System
An energy management system automatically turns off appliances when they’re not in use. This eco-friendly home upgrade leads to massive savings in energy, which translates to financial savings as well. It’s also an energy upgrade you might be able to use to your advantage when taxes roll around.
Green building technologies can go a long way in reducing energy use across the board. You won’t have any control over your tenants’ energy consumption and behaviors, but an energy management system can help keep energy use steadier from tenant to tenant.
As a bonus, consider the safety factor. Fewer electrical appliances left on means less risk of a fire. That can save you from costly damage.
3. Install Solar Powered Outdoor Lights
Your tenants don’t want to stumble through a dark yard or worry that someone is waiting in the shadows. That can be prevented with good lighting, and it doesn’t have to be expensive.
You can save on exterior lighting with solar-powered options. Because they don’t require electricity, they can be installed anywhere. That guarantees you can get the most light for the lowest price. Many levels of government offer incentives and tax credits for installing solar projects, so be sure to research what’s available in your area.
4. Cool Down with Ceiling Fans
Overhead fans create a wind-chill effect that lets your tenants feel cool without having to turn down the thermostat. One degree on the thermostat equals about 1% of an energy bill, so leaving the thermostat higher can lead to big savings over time.
Savings for your tenants are great for them, and you. A happy tenant is less likely to leave, meaning that you don’t have to waste money on an empty property while you find someone new. If you’ve taken a look around and still aren’t sure of the best ceiling fan to choose, check out our article on How to Choose the Right Eco-Friendly Ceiling Fan for your Home.
5. Put in a Geothermal HVAC
A geothermal HVAC is a type of pump used to heat or cool a home by exchanging heat through the ground. The pump takes heat from the Earth in the winter and sends heat into the Earth in the summer. This keeps the home at an optimal temperature.
Energy.gov explains that there are several things you should know about a geothermal pump:
- It lowers energy bills by up to 65%.
- The system is completely underground, so no one will notice it. This also means it can’t be accidentally damaged by your tenants.
- The pump will last 25-50 years.
- With geothermal power, electricity demands and carbon emissions are reduced.
A geothermal HVAC is a great investment for your rental property because it’s long-lasting and efficient.
If you’re looking to increase the value of your rental home, consider doing it in one of these five eco-friendly ways. It’s a great investment for you and the planet.
Are you a prospective tenant, as opposed to a landlord? Give Saving Money & Our Planet: The Ultimate Sustainable Renter’s Guide a read before you choose your next place to live.
Feature image: Metalier Coatings; Image 1: the blowup
