There’s something to be said for brand new buildings: they’re incredibly efficient, from their insulation to their plumbing through to their light fixtures.
But, if you own an older building, you also know that it has its charms. What if you could offer renters the charms of an older building, with the efficiency of a brand new one?
There are a lot of ways to go about this, but you don’t necessarily need to invest in expensive renovations.
By retrofitting your current light fixtures with LED lighting, you can save a lot of money, and help your residents be eco-friendly. Some research even reports that an LED overhaul can save 78% on electricity costs over 25 years.
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Here are 7 ways you’ll save money and energy with LEDs:
- LED lights are brighter, so you’ll need fewer fixtures for the same amount of light (and, unlike CFLs, they don’t need to “warm up” when they are first turned on).
- High-quality LED bulbs recoup their own costs in energy savings in as little as 3 years, according to research from Portland Electric and Energy Tax Savers.
- In common areas, where lights may need to be on 24/7 for security and safety, you may save 10s of thousands on electric costs. LED bulbs have a life of up to 50,000 hours (that’s nearly 6 years of constant use).
- Recent property management case studies have revealed a cost savings of up to $25,000 a year, representing a 35% reduction in energy use.
- Save on maintenance costs: LEDs that are left on for 8 hours a day may last as long as 17 years. That’s fewer light bulbs and less labor.
- You may qualify for a tax deduction of up to $1.80 per square foot, if your building was put into service before 2016, if it’s higher than 4 stories, and if you can prove it will save you at least 50% on energy costs.
- Smaller deductions are available ($0.60/square foot) if you don’t expect to save as much as 50% on energy costs.
A bonus 8th reason is that CFL bulbs, while energy efficient, contain mercury, which is dangerous if the bulb is broken or disposed of inappropriately. You’ll save your maintenance workers and residents a lot of stress with bulbs they barely ever need to change, and are safe for them to handle and dispose of on their own.
What have you been doing to upgrade your older properties to compete with newer, energy efficient buildings? Get the conversation started, below!Read more on Maintenance & Improvements