How do I reduce my propertys electricity bill given that my?
If your tenants are in leases that state the utilities are your responsibility, then charging for them is not an option. There are, however, some things you can do. If youre in a sunny area, install solar. This can substantially reduce your electric bill, and with the programs and tax credits available, it may not be that much out of pocket. Install LED light bulbs in all of the built-in light fixtures. Not only will this save you money on electric, theyll last a lot longer than incandescent bulbs. While youre at it, offer to install LED light bulbs in your tenants lamps. They should have no problem with this, and youll save money. Ensure the air conditioning filters are replaced regularly. Dirty filters can make the AC work much harder than it should. Install ceiling fans and encourage your tenants to use them instead of the AC Also, dont forget to check with your tax accountant to see if any of these can be used as deductions to help offset the cost. If its still high, let your tenants know that you are experiencing high electric bills. Give them some tips on reducing power usage. Extend this to gas and water if youre also paying for that. Then, give them an incentive. Figure out how much you could realistically expect it to drop if they follow all of the tips. If they meet that goal, give them a rebate of 50% of the amount saved. If they dont make the goal, but it still drops, give them 25%. Even if it only comes out to $25/unit, that might be enough to get them to cut back their usage. Your bill will go down, your tenants will get a little extra cash, and everybody will be happy.