Can Renewable Energy Increase Tenant Retention?

Can Renewable Energy Increase Tenant Retention?

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Free Energy Design to Reduce Utility CostsAmerica is an old country, and appropriately many houses are very old as well. As an owner of old Victorian houses myself, I am well aware of how drafty and inefficient they can be when it comes to retaining heat during the winter, or cold air in the summer. Old houses can seriously rack up utility bills.

Of course, the solution to drafty houses is to tighten them up with insulation. Even better, the foamy insulation that begins as a liquid, expands, and hardens quickly after reaching the nooks and crannies embedded in the walls. But what if there were a way that would nearly eliminate utility bills, if not completely?

As you may be aware, Tesla recently released the solar tiles meant to replace modern roofing materials. This would turn an entire roof into an energy generation tool, and drastically reduce costs for the occupant (of the person named on the bill). Of course, these tiles would be next to useless in some areas of the country where the sun is not used to shining constantly. But there are other options for homeowners and investors that would reduce utility costs. From geothermal energy to magnetic, there are various ways to reduce ones dependence on non-renewal energy sources. Keyword: Renewable Energy.

As an investor, the prospects of such technology should get you excited. Here’s why…

Occupant Comfort

Whether or not the home is drafty, some people would rather freeze to death than pay the heat bill. The same goes with those that risk heat stroke rather than dust off the air conditioner. If they did not have to worry about the huge utility bill in 30 days, they would certainly use these features and welcome comfort.  This would result in happier tenants.

More Profits!

In many cases, the landlord is responsible for certain utilities. If the property doesn’t have separate utilities, it will usually end up costing the owner of the property. This reduces the amount of profit while increase holding costs. And what happens during vacancy? In the winter, the pipes can become frozen and burst if the heat is not maintained.

Tenant Retention

If the tenant has to pay utility bills, it’s just another cost of living that they may not be able to afford. As a landlord, the last thing you want to do is evict anyone. What if you can reduce your tenants expenses? This increases the likelihood that they can continue to afford living there and pay their rent on time.

If you are serious about investing in real estate, this is the logical next step for you to take!

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