How Multi-Family Property Owners Can Use Energy Efficiency Rebates
Tenants and landlords alike are feeling the economic squeeze of higher energy costs. But the upfront costs needed to make energy-saving upgrades can be a big hit to any multi-family building owner’s bank account. One way to save on these upfront costs is through rebates and incentives offered by energy companies and government agencies here in Illinois.
Let’s explore some of the different rebates and incentives available for multi-family properties and how property owners can take advantage of them.
Energy Efficiency Rebates
Energy efficiency rebates are a great way for multi-family property owners to offset the costs of upgrading to more energy-efficient appliances and systems. Rebates that are available for multi-family properties in the Crystal Lake area include:
Nicor and ComEd Rebates for Multi-Family Property Upgrades
Income-eligible multi-family properties in Illinois may receive no-cost weatherization upgrades through a pilot program. These weatherization upgrades include insulation and air sealing, among others. Qualifications include (but are not limited to):
Property must be owned by public housing authority or private entity
Property owners must complete a pre-inspection and obtain pre-approval in writing
Property must be in ComEd, Nicor Gas, Peoples Gas, or North Shore Gas territories
Some programs require the multi-family property to be 3+ units
Upgrades can include full energy efficiency retrofits with weatherization improvements, including air sealing and insulation, heat pumps and air conditioners, high-efficiency furnaces, variable speed drives (VSDs), and cooling equipment including chillers, ACs, and refrigerators.
Building Energy Experts is one of the few businesses selected for the pilot program, and we can handle all energy and comfort improvements from start to finish. If your property qualifies for no-cost weatherization upgrades, we will ensure you receive the maximum benefits from your insulation and air-sealing upgrades.
To learn if your building qualifies, contact Building Energy Experts to discuss the details of your multi-family property.
Future State Rebates
The federal government has committed $263,671,660 to the state of Illinois which will go towards making buildings more efficient throughout the state. This will come through two rebate programs which will be dispersed at the state level. There are still more details to come about how and when these rebates will be available, but we do know they will reduce the cost of energy efficiency upgrades for multi-family homes, all thanks to the Inflation Reduction Act of 2022.
Reduce Monthly Costs and Improve Comfort
By investing in the improvements that will increase the energy efficiency of your multi-unit building, you will get the added benefit of making it more comfortable as well! Things like attic insulation, air sealing, and crawl space encapsulation can also provide benefits like:
Improved indoor air quality
Increased soundproofing (even between units)
More stable and consistent indoor temperatures
Plus, with a multi-family property that uses less energy, your units will be more attractive to future tenants, and you may see a bump in your property’s resale value.
Call Building Energy Experts to Get Started
There are many rebates and incentives available to make it more affordable for multi-family property owners to upgrade their properties to be more energy efficient. To take advantage of these incentives, property owners should call Building Energy Experts to ensure they meet all eligibility requirements.
