Tips to Make Your Investment Property Greener

Purchasing a property to rent it out for profit is a smart investment that promises excellent returns. If you’re looking for an investment property, Rochester, NY offers a prime opportunity as a location with favourable economic conditions and a growing number of environmentally conscious tenants. From its low unemployment rate and affordable cost of living to its robust infrastructure and high-quality properties, Rochester is an ideal choice for investors seeking stability and growth potential.

As tenants become more tuned into the environmental repercussions of the way they live, it’s important that you make sure your rental property follows suit not only to benefit the environment but also to attract tenants seeking a more sustainable lifestyle. Property owners therefore play a critical role in reducing the carbon footprint of their properties. As well as helping with tenant acquisition, adopting green practices affects your bottom line. By improving energy efficiency you can save money while also appealing to eco-conscious tenants.

Creating a greener home can be cost-effective and therefore yield a substantial return on your investment. Studies have shown that a rental property’s eco credentials are a high priority on tenants’ agendas. In fact, it’s believed that 42% of tenants considered how eco-friendly a property was as a factor that affected their buying decision. As well as protecting the environment, embracing sustainability can have financial benefits for property owners such as lower energy bills and increased market rental value.

Read on to find out how you can green your property.

Transition to Renewable Energy Sources

As an alternative to burning fossil fuels like coal and oil to heat your home, consider opting for renewable energy sources such as solar panels, heat pumps, wind turbines, or a geothermal unit. These zero-carbon options can help us decarbonise the way we produce electricity by generating clean energy from natural resources without producing greenhouse gases. Although the initial investment and cost of installation are more expensive than traditional energy sources, this is offset by long-term cost savings.

Transitioning to green energy sources will slash your utility bills. Energy think tank Ember found that the average household could save £300 a year on their electricity bills if the government were to switch to a mostly clean power system. Installing renewable energy sources can also be a big selling point of your property that helps differentiate it from competitors. In Rochester, you may qualify for financial incentives such as tax credits, exemptions, and rebates for generating renewable energy. Before installing anything, however, you must make sure your property is well insulated. This reduces the need for heating and cooling systems to work as hard, lowering energy bills and minimizing environmental impact.

Insulate Your Property

Energy supplier Northern Energy found that there are four main sources of heat loss in the home: 35-45% is from poor wall insulation, 20% is from uninsulated roofs and attics, and 10% is from floors. By addressing heat loss in your home you can reduce the amount of heat required to keep your home warm, lowering your energy bills. A poor EPC (energy performance certificate) rating suggests your property has low energy efficiency. To improve your rating, you need to determine where the property is losing the most heat from and work towards insulating that part of the home.

One way to insulate your home is through cavity wall insulation. While traditional insulation methods employ non-renewable materials, eco-friendly insulation might involve using recycled materials, plant fibres, or renewable resources like wool or hemp. Another way to insulate your home is through roof or loft insulation. Materials such as wood fibre have excellent thermal performance and are an environmentally friendly alternative to traditional materials.

Underfloor insulation can also reduce carbon emissions and save you money. According to the Energy Saving Turst, installing floor insulation can save you up to £65 on heating bills and reduce carbon emissions by 290 kg each year. Ensuring your home is insulated improves energy efficiency, as less heat is lost from your home. This in turn reduces your energy bills, lowers your emissions and, of course, keeps your home toasty warm!

Encourage Tenants to Live Sustainably

To ensure your tenants are willing to engage with a greener way of life it’s crucial that you make it easy for them to adopt sustainable practices. One simple step is to provide tenants with recycling bins that are suitably labelled and colour-coded, making it clear what waste goes where. Help educate your tenants about recycling by providing them with information about what can be recycled, the positive impact they can have on the environment through recycling, and how their efforts are making a difference.

If tenants have access to a green space, why not give them a compost bin too? This will allow them to collect organic waste and convert it into nutrient-rich compost to enrich the soil in a communal garden. Implementing a recycling or composting programme not only diverts waste from landfill sites but also helps to foster a sustainability mindset and move towards a circular economy of waste.

Another green idea is to install an electric vehicle charging station at your rental property. That way, you’ll tap into the growing market of tenants that either already own or are considering owning an electric vehicle. Not only will these tenants appreciate having the charging point so close by but it will also help cut residents’ carbon emissions and make your rental more appealing to tenants who are looking for eco-friendly living options. Additionally, if there’s room, you could install secure bike storage. This will encourage people to cycle instead of driving—a zero-emission form of transport that will help reduce your property's carbon footprint.

Invest in Energy-Efficient Appliances

Conserving energy is an important part of making a rental property environmentally friendly and will help minimize the operational costs of appliances. The energy efficiency of an appliance should therefore be a factor that influences your decision to purchase it. Replace incandescent light bulbs with LED light bulbs. LEDs use 90% less energy and last 25 times longer than incandescents. While the initial outlay of LEDs is slightly more expensive than incandescents, their long-term savings mean you’ll ultimately spend less on replacements.

To find out how energy efficient an appliance actually is, look out for its Energy Star rating. Appliances like air conditioners and refrigerators that are Energy Star-certified meet the highest energy efficiency standards as determined by the US Environmental Protection Agency. By using these appliances, you can reduce your energy consumption, spend less on utility bills, and work towards a clean energy future.

Consider investing in a smart thermostat, a device compatible with most modern boilers which uses machine learning to allow for precise control over heating and cooling systems. The device learns your schedule and preferences, so it knows when to turn off the heating if you’re not in the house. This means lower energy bills and a smaller carbon footprint for your home. Plus, most smart thermostats have mobile apps so you can adjust temperatures even when you’re out and about.

Conserve Water

There are many simple measures you can take to encourage tenants to reduce water consumption, which is important for saving on your bills and conserving natural resources. Install water-saving devices like low-flow shower heads, faucets, and toilets. These devices reduce the amount of water being used without compromising performance. Tenants can still enjoy high water pressure but use far less water overall.

Another way that you can help to conserve water is by purchasing rain barrels which collect rainwater runoff from the roof of the property and harvest it so that it can be used to water lawns, gardens, and plants. When it comes to gardening, drought-resistant landscaping, also known as xeriscaping, can also be an effective tool in minimizing water usage, especially in areas that are susceptible to dry conditions. Drought-resistant landscaping uses native plants that are naturally adapted to the local climate to create a garden that’s sustainable and uses much less water.

Native plants are generally more resilient to local pests and diseases, meaning that there’s less need for chemical interventions, which is beneficial as chemical use can cause contamination and runoff. Incorporating elements in your garden such as mulch and efficient irrigation systems can further improve water retention and distribution. This approach conserves water, lowers maintenance costs, and supports local biodiversity, making it an environmentally and economically sound choice.

Final Thoughts

If you’re searching for a profitable investment property, Rochester might be your answer. Investing in real estate can be a lucrative endeavour when you select the right location for your investment property. Rochester presents a compelling opportunity for investment due to the quality of life that the city offers residents. Making your property more environmentally friendly is a decision that not only benefits the planet but also attracts the growing pool of eco-conscious tenants in Rochester who are looking for sustainable properties.

To effectively make your property greener, it’s important to seek advice from a knowledgeable property manager who can provide insights on the most cost-effective and high-impact upgrades that you can make to your property to ensure it remains competitive and sustainable in the long term. At Torres Turn Key, we put sustainability first. Our team of experienced property managers can help advise you on the best ways to appeal to tenants while also doing your part to protect the environment. Every step towards greening your property will increase its appeal and is an important investment in our planet’s future for generations to come.