Here’s a riddle, but it’s not a fun one. What’s the quickest way to turn a profitable multi-unit building into a money-loser? Answer: Huge utility bills!
Fortunately, it doesn’t need to be that way once you know about one of the most rewarding actions you can take for an apartment building you own. With this little secret, you’ll soon be multiplying your savings, instead of subtracting your costs.
Grants and loans are widely available for energy upgrades on multi-family properties, and securing them can mean a triple win for you. How? Well, first you save money on new equipment and efficiency upgrades. Then you save money continually with much-reduced utility bills. And finally, you increase the value of your real estate holdings.
Some examples of the upgrades that often are eligible for energy upgrade subsidies are insulation, windows, doors, heating and cooling equipment, energy efficient appliances, hot water heaters, draft-proofing, and more.
If you’re really serious about energy savings, you can often find subsidies for alternative energy upgrades too, such as solar panels or biodiesel power.
Better yet, government agencies and utility companies are eager for you to take advantage of this funding. Here’s why. Building new power plants is astronomically expensive, a logistical nightmare, and often politically unpopular. One of the ways that governments and utilities save themselves this headache is to help you consume less energy, and they are especially interested in assisting owners of multi-unit buildings.
I have helped apartment owners and others secure the funding needing for these triple-win upgrades. Let’s have my students tell you in their own words.
Linda M. in Colorado said, “I have a 28-unit apartment building built in 1952, and it needs a lot of attention. I found a rebate program through my utility company that is going to give me at least $15,800 to do updates to the building to make it more energy efficient. Finding grants and rebates is going to help me increase my cash-flow by raising the rents as improvements are made.”
Art F. of Massachusetts had recently purchased a multi-unit property and was happy to report, “we were awarded a grant of $50,000 and also expect to receive additional grants of $40,750 and $38,000.”
Those are just two examples of many. Securing energy upgrade funding is a win-win-win for yourself, and I have the tools to help you locate and maximize the funding you receive. Happy landlording!