The monthly average commercial retail price of electricity in New York has continuously increased over the years. And it's unlikely that consumers will see any significant decrease soon.
However, that doesn't mean you, as an Albany commercial property owner, should let high energy prices keep cutting into your profits. You can use energy management tactics to control or lower your utility bills.
We've rounded up the top energy cost reduction strategies in this guide, so read on.
Get an Energy Audit
These commercial energy efficiency solutions determine how buildings use and misuse energy. They start with experienced auditors measuring your property's energy consumption. Then, they'll compare it with other properties of similar size, features, and activities.
Those steps allow auditors to gauge if your business's energy use is greater than or within standard levels. If it's the former, the experts will investigate the potential causes, such as:
- Old, damaged, or inefficient electrical appliances and devices
- Air leaks
- Poor, damaged, or a lack of insulation
- Energy vampires, including electronics on standby mode
The pros will then advise you on green building strategies to help reduce your commercial investment property's energy waste. For example, they may recommend replacing or upgrading your building's worn insulation or inefficient appliances. They may also suggest creating energy conservation policies, such as unplugging unused electronics.
Invest in Sustainable Energy Solutions
New York aims to have its grid powered by 70% renewable energy by 2030. By 2040, it wants its grid to produce 100% carbon-free electricity.
NY incentivizes residents, including businesses, to transition to clean energy to reach its goals. For example, it offers funding and tax breaks for companies investing in clean energy (e.g., solar panels and storage). Your utility provider may even compensate you for delivering grid benefits!
Hire a Commercial Property Management Company
Appliances? Check.
Heating, ventilation, and air conditioning systems? Check.
Electronic gadgets? Check.
As you may have already assumed, all those things contribute to your commercial property's energy use. However, it's not just them; your windows, doors, insulation, roofing, and plumbing do, too!
For example, roofing and plumbing leaks can increase indoor moisture and mold levels. They affect your HVAC system by forcing it to work harder when filtering and dehumidifying the air. When that happens, your HVAC system's energy use increases unnecessarily.
That's why you need to stay on top of regular property maintenance.
Fortunately, you can outsource all maintenance tasks to a reputable property management company. They work with vetted contractors to keep everything on your property in top condition. They can also suggest investing in solar panels to make your property more sustainable.
Energy Management Made Easy
Energy management isn't only about reducing utility bills; it's also about putting less strain on the grid and the environment. Plus, you can help the NY State reach its carbon-free goals by lowering your Albany property's energy use and waste.
If you're ready to make your commercial property eco-friendly, our team at PMI Capital District is happy to help. We're your premier choice in full-service property management solutions. We're locally owned, but we're also proud to be a PMI franchise.
PMI is the world's largest property management solutions provider with over two decades of service history.
Speak with us today so we can set you up with a free property evaluation!
