Easy Tips to help Co-op and Condo Boards Save Money

With inflation and skyrocketing energy prices, co-op and condo boards are struggling with the cost of heating their building. Now is more important than ever for New York City co-op and condo boards to understand the difference in how much they pay for energy versus how much they use. Property management firms often recommend that their coop and condo clients enter into energy supply contracts to lock-in their rates. We are proponents of instead reducing how much you use.  

The property manager can help buildings facilitate these agreements with their preferred energy supply partner, also known as an ESCO.

However, coop and condo boards should be aware that entering into a fixed agreement can help or hurt their association depending on which way energy prices go. Property managers and energy suppliers will illustrate how much your building can save. In reality, if you enter a fixed rate agreement and the price of energy goes up, you will save money. If the price of energy goes down, those projected savings go up in smoke pretty quickly, and you are locked into paying a premium over the prevailing price.

One common rejection that we get when we talk with boards about reducing their overall cost of energy is that they already have an energy auditor that their property manager helped them engage. That’s great, but it’s only half the battle. We use some common and less-common techniques to increase energy efficiency.

Energy efficiency reduces how much energy your building uses.

Energy efficiency is often thought of in terms of the appliances (and light bulbs) we use in our homes. But your co-op or condo's heating of the building and the hot water, as well as the electricity used not only in all the common areas but also inside the apartments, are big contributors to carbon emissions. So, what's the difference between the energy supply price and reducing energy consumption?

Sustainability is about meeting the needs of the present without compromising the ability of future generations to meet their own needs. Energy efficiency improves the bottom line for your co-op or condo while reducing greenhouse gas emissions and fines as part of Local Law 97. What's more, energy efficiency is one of the most cost-effective ways to reduce demand on the electric grid and can help your co-op or condo avoid the need for costly infrastructure upgrades. Energy efficiency is a win-win-win for your building, your residents, and the planet.

In recent years, there has been a great deal of discussion about the importance of energy efficiency. Energy efficiency in general is the use of less energy to achieve the same goal. It can be applied both inside the apartments as well as in your coop or condo’s common areas. Here are some things to know:

1. What is Energy Efficiency

Energy efficiency is the use of less energy to achieve the same goal. For example, using a more efficient light bulb will result in the same amount of light, but use less energy. Using motion sensors or timers can often reduce the energy use even further. Energy efficiency can be applied in both residential and commercial settings.

2. The Benefits of Energy Efficiency

There are many benefits to implementing energy efficiency measures in the home. Energy efficiency can save money on utility bills, reduce greenhouse gas emissions, and lessen the strain on the power grid.

3. How to Achieve Energy Efficiency in Your Home

There are a number of ways to make your home more energy efficient. Some simple tips include turning off lights when you leave a room, investing in Energy Star appliances, replacing air conditions with heatpumps, and installing interior windows.

4. Case Studies of Homes that have Made Energy Efficiency Improvements

Several case studies have been done on homes that have made energy efficiency improvements. One study found that energy efficiency upgrades can increase the value of a home by up to 20 percent. 

5. Top Tips for Saving Energy and Money in the Home

Saving energy and money in the home is a top priority for many families. Some of the best ways to save energy and money include replacing all appliances with Energy Star rated appliances, replacing standard showerheads (and other bathroom fixtures) with WaterSense labled ones, installing aerators in faucets, replacing the toilet with a smaller tank or even one that is tankless, and of course replace all light bulbs and light fixtures with LEDs.

The Future of Energy Efficiency

Energy efficiency is an important part of the future of our world. As we become more aware of the need to conserve energy, we will continue to find new and innovative ways to make our homes and businesses more energy efficient. Implementing energy efficiency measures can save money on utility bills, reduce greenhouse gas emissions, and lessen the strain on the power grid. We can all do our part to make the world a more energy efficient place by taking simple steps like turning off lights when we leave a room and investing in Energy Star appliances. Together, we can make a difference.

Need help with reducing your greenhouse gas to avoid LL97 fines for your building? The Folson Group provides sustainability consulting services to assist co-op and condo boards minimize their expected LL97 fines. Set up a strategy call with us.