Energy Assessments: The Key to Greater Savings in Multi Family Buildings
Owning, operating, and maintaining a multi family property here in the greater Chicagoland area is a balancing act that requires considering the comfort of your tenants, as well as your own budgets and financial bottom line. So when it comes to investing in improving a multi family building, how can you ensure your project meets the needs of you and your tenants? The key is beginning with a multi family building energy assessment — here’s why!
What Does an Energy Assessment Entail?
An energy assessment, also known as an energy audit, is a comprehensive evaluation of a building's energy performance, which helps identify areas where energy loss is occurring, and where there is room for efficiency. For multi family buildings, this process is crucial as it can lead to monthly utility cost savings, as well as increased tenant satisfaction and comfort.
Included in the results of an energy assessment from Building Energy Experts is a list of recommended building improvements, prioritized for effectiveness. This provides you and your tenants with peace of mind that you have minimized the time, effort, and inconvenience that building upgrades often require.
Here is the full list of benefits that come from starting your multi family property upgrade with an energy assessment:
Reduced energy consumption (lower energy bills)
Our trained building diagnostics professionals use specialized equipment, such as infrared cameras and blower doors, to detect air leaks, insulation gaps, and other issues that waste energy all year round. By upgrading the insulation in key areas like attics and crawl spaces, and air sealing your multi family building, you can reduce the energy required to keep your tenants comfortable. This is a win whether you pay the electric bill or your tenants do!
Enhancing tenant comfort
Improved energy efficiency often translates to increased comfort for tenants. A comprehensive energy assessment can reveal issues like poor insulation, leaky windows, or inadequate ventilation systems, which can lead to indoor drafts and poor indoor air quality. By addressing these issues through building performance upgrades, tenants will enjoy a more comfortable indoor environment, making them more likely to renew their leases or even recommend your property to others.
Increasing property value
Energy-efficient multi family buildings are highly sought after by both tenants and potential buyers. A building with a history of energy assessments and subsequent improvements is more attractive to investors and can command a higher selling price. Furthermore, implementing energy efficiency measures can also help your property meet local and federal energy efficiency requirements, adding to its overall value.
Contribute to sustainability goals
Energy assessments and any resulting efficiency improvements will contribute to reducing your building's carbon footprint. As climate change becomes a growing concern, many tenants and investors are placing greater importance on sustainability. By demonstrating a commitment to energy efficiency and reducing greenhouse gas emissions, your property can appeal to a broader market and help you stay ahead of the competition.
Save on the Cost of Multi Family Building Upgrades with Rebates
Partnering with Building Energy Experts can not only help you identify potential energy-saving improvements but also assist you in navigating the available rebate and incentive programs here in Illinois. These programs, offered by Nicor Gas, Northshore, Peoples Gas, and ComEd Electric as well as local or federal incentives, can significantly reduce the upfront costs of energy efficiency upgrades. By tapping into these rebates, multi family property owners can maximize their return on investment, making energy-efficient improvements even more financially attractive and accessible.
