Sustainability is no longer a passing trend, companies are committing to green business practices at an increasing rate. The questions often asked when presented with the opportunity to be more sustainable is: “is it worth it?” The short answer – yes.
The Neilson sustainability report showed that 66% of people are willing to spend more money when companies engage in environmentally-friendly practices. In addition to being more attractive to prospects, alternative energy is more cost-effective than traditional energy sources. Despite larger upfront costs sustainable energy leads 15-30% reduction of electricity use which translates to significant cost savings in the long run.
By 2040, 40% of energy is expected to come from renewable sources – mostly solar and wind. Renewable energy, like solar power, enables multi-family properties to maintain luxurious amenities that typically require double the electricity, like gyms and swimming pools, while simultaneously being environmentally conscious. Also, depending on where you’re located in North America, the government may reward your installation of solar panels with tax credits or other subsidies.
On top of individual units, gardens, gyms, and swimming pools all need water too. Which means, water can’t be eliminated or replaced, but it can be cut down. According to the EPA, almost 50% of water being used on lawns and landscaping is wasted as either runoff or evaporation. To waste less water lawn sprinklers can be set on a timer and programed to turn on after the sun has set. Watering lawns only 1-2 days a week can keep them healthy while minimizing runoff.
Inside properties, install low-flow faucets. Showers account for 17% of residential water use, by replacing faucets, water waste can be reduced significantly without impacting anyone’s daily routine.
Regular property inspections and follow up maintenance are key to reducing energy waste and saving money. HVAC is responsible for almost 40% of carbon emissions, so it’s important to make sure that heating and cooling systems are optimized. Check the seals on windows and doors, and weatherproof areas that are prone to leaks. Ensuring there is sufficient insulation installed around your property means there will be less energy wasted, and less money spent on heat and air conditioning. A maintenance management software can keep property managers on top of scheduled inspections and repairs to keep their properties running sustainably.
Property managers can go paperless to reduce their carbon footprint and cut costs. Approximately 45% of the paper printed in offices is thrown out by the end of the day. Property managers can leverage property management software to automate invoicing, billing and other paper-intensive accounting functions. Property management software can create and distribute work orders, letters, and notices electronically.
By reducing paper use, property managers can in turn increase productivity. Most importantly, going paperless can reduce up to 70% of paper related costs and save companies thousands of dollars annually.
Once you implement these energy efficient processes make sure everyone knows about it. Because people are more inclined to be environmentally conscious, flaunting your sustainability can increase lead generation and improve customer satisfaction.