Instruction, Save the Planet

How Can Landlords Reduce Water Expenses?

Across Canada, many condominium owners are seeing their condo maintenance fees increase, even as building owners and managers try to reduce operating costs and water expenses.

At the same time, building managers are battling against the increase in water bills – water costs are increasing by an estimated 10% per annum. 

Why are these maintenance fees increasing? Higher vacancy rates as a result of COVID-19 are one factor. Another is ageing infrastructure leading to energy inefficiency, especially in older buildings. But lack of capital, risk, and comprehension of implementation are all challenges on the path to implementing energy-efficient retrofits. 

But these energy-efficient retrofits have benefits for the buildings that outweigh the costs, both immediately and in the long-term. Below are a few benefits of investing in energy efficiency for your building.

Energy Cost Savings

When implemented and managed correctly, energy retrofits can reduce energy bills by an estimated 15-40%. These can be achieved with a combination of updated infrastructure upgrades (i.e. new toilets and showerheads), and building automation (i.e. automated lighting systems). With increased water expenses annually, it is more important than ever to invest in improved water infrastructure. And with water being heated by gas or electricity, less water being used will also impact those utility bills. By lowering energy usage, gas, electricity, and water utility costs will lower.

Capital Reinvestment

By reducing energy bills across the building, the money previously spent on wasteful energy can be reinvested into the building or returned to the tenants.

Investments in infrastructure also improve the cap rate (the rate of return on a real estate investment property) of the building. They also help the building become more competitive by continually investing in building improvements, and make the building more desirable for future tenants, many of which are preferring greener buildings. 

Benefits the Environment & Your City

In the City of Toronto alone, multi-unit residential buildings account for over half of the city’s dwellings, and produce an estimated 17% of the city’s greenhouse gases. Lowering energy usage in MURBs across electricity, gas, and water benefits the environment. It is estimated that improved energy efficient retrofits can help reduce greenhouse gases from buildings by 20%. 

In addition, water conservation reduces the amount of water that requires treatment at the municipal level. Less water used also offloads some of the pressure on sewage systems. 

If you are located in Canada and you are considering investing in greener retrofits for your MURB, you may be eligible for the Canada Greener Homes Grant. Visit the Government of Canada website to learn more. 

If you are looking to improve your water efficiency in your building, Connected Sensors is here to help. Contact us today and we can help you learn how to save money, save your building, and save the planet.
The Connected Sensors Team.