Upgrade Your Multifamily Property: Why Going Electric Is a Smart Investment

Upgrade Your Multifamily Property: Why Going Electric Is a Smart Investment

Electrification delivers long-term success for your tenants and you.
● Increase occupancy rates
● Make your rental property safer
● Stay ahead of mandates

The electrification of multifamily units and properties, such as apartments, condominiums, and townhouses, is a sound investment. Why? The future is electric!

Electrifying your multifamily property helps attract and retain tenants, prepare your property for evolving regulations, and avoid costly retrofits down the line. Learn about the ways you can go electric to maximize your property’s potential.

EV Charging

In 2023, the Bay Area led the U.S. in EV adoption, with 50% of new vehicle registrations being either hybrid or electric. Installing EV chargers is crucial for property owners, giving your apartments, condominiums, and townhouses a competitive edge and reducing tenant turnover. EV chargers also provide an added revenue stream through user fees. In short, EV chargers benefit the environment, enhance marketing, and generate income.

Heat Pumps

Heat pumps use electricity to transfer heat from a cool space to a warm space. They can be used for water heating, or for space heating and cooling. Heat pump water heaters can reduce energy use for water heating by up to 80% to reduce your operating costs or your tenant’s utility bill. Heat pump HVACs function as both air-conditioner and a furnace. This means one less system to install and maintain, helping to reduce the frequency of repairs and replacements.

Smart Panels

Smart panels provide you with real-time energy monitoring and control at your property. You can identify cost-saving opportunities in your properties’ energy consumption and easily spot and diagnose maintenance issues. Smart panels also prepare your property for the electric future and provide more comfort and control for your tenants.

Electric Appliances

Gas-powered appliances emit pollutants like nitrogen oxides and carbon monoxide, which are harmful to the environment and cause respiratory issues. By going electric, you help ensure the safety and health of tenants, and attract eco-conscious renters. Consider electrifying appliances such as stovetops, ranges, washers and dryers, and thermostats. Be sure to buy energy-efficient Energy Star-rated appliances.

Offerings and Assistance

Make your electrification project a reality with rebates and assistance through MCE’s EV Charging Program and Multifamily Energy Savings Program. Plus bring in additional revenue with compensation for energy savings through MCE’s Multifamily Strategic Energy Management Program.

You can also save with state and federal rebates and tax credits to go electric.

 

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