Bills are part of owning an apartment building. There's some that you're scared to open because you know they'll be ridiculously high, and then there are others you know won't break the bank. Ideally, you'd like to shrink—or eliminate entirely—the number of those heart-attack inducing bills, because they eat away at your profits and affect your bottom line.
Trying to cut these kinds of bills in half can require a lot of investment on your part to make your building that much more energy efficient. Better windows or a better furnace can cost a pretty penny, something that you may not have in abundance at the moment. The good news is, though, that Alberta apartment owners can still see cost savings through the province's fall energy efficiency program.
About Alberta’s Energy Efficiency Program
Alberta's new energy efficiency program was originally launched in the spring of this year but saw so much success that the government decided to bring it back for another run in the fall. The first phase ran for six weeks from April to June with nearly 600 home improvement stores across the province participating.
Through the program, any homeowner (including apartment owners) can get instant rebates on energy-efficient products, which will help them save power and money. Depending on the product, homeowners will be able to save anywhere from $2-$30, with a limit of 25 of any one product per transaction.
The program makes energy-saving products like LED light bulbs, smart power bars, programmable thermostats, and low-flow faucets more affordable. By promoting the program, Alberta Environment Minister Shannon Phillips states it will help save around 250,000 gigajoules of energy, which is equivalent to taking roughly 41,000 personal vehicles off the road for one year.
The second phase of the program will run until Oct 29 with savings offered at more than 600 home improvement stores. Launched with winter in mind, this second phase will help real estate owners during the most energy-intensive seasons, so it will be easier for Albertans to decrease their utility bills.
What This Program Means: Cost-Savings for Apartment Owners
If you're sick of paying high utility bills or have been looking for the right time to make your apartment building energy efficient, now would be it or at least a great start. By taking advantage of this program, you can decrease the cost of acquiring these valuable items, while still gaining their benefits in cost savings. The initial investment may still be on the pricey side, but wouldn't be nearly as much money as it would be without the program in place.
These energy-efficient products will also appeal to the tenants of your apartment, making it feel safer and more luxurious. Dimmer switches are one product on the list available at a discounted price that can appeal to a better pool of prospective tenants. Motions sensors, also on the list, will help tenants feel safer when installed on the outside of your building.
Since this energy efficient program runs only until the end of October, real estate owners should move quickly to acquire the products they want or need before it's too late. If you want to reduce the overall expenses of your apartment building and increase your profits, take full advantage of this program.