Multifamily housing has been gaining popularity in Connecticut, with the number of units being built increasing exponentially over the past few years. This growing sector offers promising opportunities for developers and solid investments for buyers. With thoughtful care and investment, multifamily properties can become highly attractive options for prospective residents.
Both new and longtime multifamily property owners know that a lot of work typically goes into managing and maintaining this property type which—by definition—consists of at least five individual units. What owners may not know, however, is that energy-efficient technology and practices can help to reduce their operating costs, enhance their building’s efficiency, and improve tenant comfort.
In fact, there are many energy-saving solutions available to Connecticut multifamily property owners through ratepayer-funded incentive programs, which can help reduce their costs year-round and improve the overall marketability of their properties.
The Multifamily Initiative
The Sponsors of Energize Connecticut℠, Eversource, and the Avangrid subsidiaries, United Illuminating, Southern Connecticut Gas and Connecticut Natural Gas, jointly administer the Multifamily Initiative to customers in their respective service territories. Through this offering, interested multifamily owners and managers can gain access to customized solutions to retrofit their existing properties with energy efficiency upgrades, as well as incentives that will help to make those upgrades possible.
As a first step, customers are connected with an approved contractor to assess their property. Customers then receive recommendations for measures to improve their energy efficiency and lower their carbon footprint through a range of projects, including, but not limited to:
Weatherization. Adequate insulation, air sealing, and energy-efficient windows are critical components of a building’s envelope. These measures contribute to maintaining a consistent and comfortable indoor climate, preventing heat loss in the winter and keeping buildings cooler in the summer. By preventing air from escaping through cracks and leaks, less energy will be expended to heat and cool units, which will also reduce costs.
Lighting Upgrades. By upgrading to energy-efficient lighting in common areas and garages, property owners can enhance visibility and safety while cutting down on energy consumption. LED lights use at least 75 percent less energy than incandescent lighting and last up to 25 times longer, reducing maintenance needs and costs over time.
Equipment Upgrades. A reliable heating and hot water system is fundamental to tenant comfort, especially in colder climates. Through this offering, customers can upgrade to high-efficiency heating, ventilation, and air conditioning (HVAC) system equipment and controls to replace outdated systems.
After receiving their recommendations and deciding on a course of action, customers will have access to further technical support. From start to finish, customers have access to energy experts to assist with the design, implementation, and financing of their energy upgrades.
Investing in the Future
When considering any kind of upgrade for a multifamily building, big or small, property owners should remember that they are making an investment in their future.
Firstly, they can expect cost savings. By making targeted upgrades now, property owners can take advantage of the available incentives to reduce the up-front cost of installation. With the anticipation of enjoying annual energy savings, over time many of these upgrades will pay for themselves and deliver an attractive return on investment.
Tenant comfort will immediately be addressed as a direct result of these upgrades through improved air quality, temperature, and, in some cases, through reduced energy bills of their own. Happy residents who are renting units in these properties will also be more likely to stay longer, reducing turnover rates for the owners and the associated costs of finding new tenants.
Altogether, energy efficiency is an investment in both tenant satisfaction and owner profitability for years to come. For property owners navigating energy efficiency upgrades, the Energize Connecticut Multifamily Initiative provides support every step of the way. From initial assessments to the installation of new systems, energy experts will provide guidance and resources to ensure that property owners can make informed decisions and maximize the benefits of energy efficiency.
By taking advantage of Eversource’s energy efficiency and decarbonization resources, multifamily property owners can position themselves for long-term success in an increasingly energy-conscious world.
For those ready to take the next step, email the Eversource Multifamily Team at multifamily@eversource.com or call 877-WISE-USE (877-947-3873) to learn more about how you can participate and start reaping the rewards of enhanced energy efficiency.