Electrification In Multi-family Properties Is Growing
Rising Electrification of Properties — Multi-Family Electrification Series Part 1
Electrification In Multi-family Properties Is Growing
4 MIN. READ
As governments around the globe announce new commitments to renewable energy and sustainability, fossil fuel costs and overhead are becoming and increasing challenge to the bottom line. That’s why multi-family property managers are looking for ways to electrify properties and build new units with electrification in mind. In this opening article of our electrification series, we explain how multi-family electrification initiatives can help your properties run more efficiently, and save you money in the long term.
Why electrification matters
Electrification replaces other forms of fuel, most notably fossil fuels. Electrification is being embraced on a broad scale. It has the chance to revolutionize how we live, work, and commute.
Net-zero emissions. Reducing carbon emissions and reliance on fossil fuels has become a environmental and political battle cry. As the earth has warmed up, scientists have declared a global climate crisis. Experts agree, immediate steps need to be taken to slow rising global temperatures and climate change
Lower costs. The systems that heat our water and condition our spaces are among the largest consumers of energy. These systems burn fossil fuels, which create emissions as a byproduct. By electrifying, you reduce emissions and can operate more efficiently.
Multi-family housing opportunities. The multi-family housing market is incredibly diverse and often relies on natural gas appliances. Fluctuations in natural gas pricing can impact families. Switching to electric appliances adds stability and efficiency.
These are all important reasons to make multi-family electrification a priority. Embracing new technologies will have a positive impact operationally, financially, and environmentally.
What multi-family electrification of properties means in practice
Transitioning from known, well-established methods of producing energy to a new way through electrification is challenging. It takes research, education, training, and money to implement in the multi-family sector.
Solar. Solar power has become a mainstream concept. Harness the sun’s energy through photovoltaic panels, and then distribute this power to a building and into battery banks. Thousands of structures, both residential and commercial, have adopted this alternative source of energy. The industry keeps evolving and is bringing the cost of ownership continually lower.
Battery storage. Battery banks are coupled with solar panels to store the energy from the sun. They then supply it when weather conditions are not optimal for solar power. Battery banks provide a noiseless source of power that does not produce harmful emissions.
Heat pumps. All-electric heat pumps provide an efficient source of heat and cooling. They do not need to be run on fossil fuel sources. They are the unit of choice in many multi-family and commercial applications.
EV charging. The EV revolution is in full force. As more and more residents purchase electric vehicles, they will need a place to charge them. Multi-family electrification initiatives like this can offer a convenient service to tenants and the public.
Replacing appliances that use gas. Gas appliances are common in multi-family properties. Transitioning to electrification means gas appliances can be swapped out for the often cheaper electric types.
Multi-family electrification is underway. In the next few years, the movement to electrification will be seen as a must.. So those who have transitioned or are in the process will be ahead of the curve.
Getting started on multi-family electrification
It may be tempting to dive right into the electrification movement. It can save money and improve efficiency. But it is important to be as informed as possible. Do your due diligence before beginning an electrification transition. Do your research, consult with professionals and use software tools that can aid you in the process.
Evaluate your existing situation and capabilities of the electrical grid. Knowing specific things about your property, current systems, and location will help you determine what you need to get started. Do you need to upgrade electrical panels? Do you need to add wiring for new charging ports? Can your roof accept solar panels?
Understand options and incentives available in your region. Government policies give incentives for any improvements that can be considered energy-efficient upgrades. Solar panel tax credits are also available, which will give you up to a 26% tax credit for installed systems.
Multi-family electrification can transform a property and make it more advanced, cost-efficient, and attractive to potential residents and investors. In the following installments of this series, we will focus on EV charging options and how they are becoming prevalent across the country.
Raiven has solutions
Updating or replacing units in your multi-family properties can get expensive. Raiven’s network of suppliers can support your properties with deep discounts on electrification-related supplies, such as pumps, appliances, and more.
Raiven has an e-procurement marketplace that gives you access to the top suppliers in the industry. Raiven’s software simplifies purchasing supplies and managing contractors, and it provides detailed reporting on purchasing and spending habits. These tools can help your property save money and operate efficiently.
For more information, reach out to Raiven today.
- Part 2: Opportunities For Multi-Family EV Charging
- Part 3: Electrification In Multi-Family Can Generate Profits