Renting homes to students is a very lucrative business idea. With more and more people choosing to move away to university, whether they are studying on campus or traveling whilst taking classes online, it’s no surprise that the property investment industry has students as one of their main target markets. However, if you have rented a property to students in the past, you may be all too aware of the costs that can be incurred when it comes to energy. Some landlords will include energy bills in the price of the rent, but this can mean that you lose money if the residents use more energy than the amount that they have paid for. Here are some of the best strategies to use to help your student residents use less energy, saving everybody money.
#1. Solar Energy
If you own student homes, then one of the best investments that you can make in them is installing solar panels. When solar panels are installed on a property, it can generate its own energy, resulting in the home being powered for a much cheaper price than those which use energy from the main power plant or grid. When you’re renting accommodation to students, you can usually expect them to use a lot of electricity – many students today spend a lot of time on their laptops, for example, studying for an online civil engineering degree or similar. Additionally, if students are paying for their own energy use, then solar energy will make your homes more attractive since there is a higher likelihood of saving money.
#2. Smart Meters
Another energy saving measure which has been implemented in many homes across the U.S. is smart meters. When using a smart meter, residents can see exactly where their energy is being used, giving them the tools and means needed to help them cut down and save both energy and money. If you are renting a property to students, then installing a smart meter can be a very wise decision. Students at home studying for a degree in civil engineering online may be using more energy than they realize, for example, leaving lights turned on, keeping doors open, or charging their gadgets past the point where the battery is fully charged. In addition, a smart meter may also make it easier for residents to identify any areas of the home where energy is being wasted, for example, drafts in windows and doors, which can be reported to you quickly for repair.
#3. Energy Storage
One of the greatest benefits of producing your own green energy through solar or wind power is the option for storing energy. If you are a student landlord who is renting several homes to various tenants, then there are many ways in which you can take advantage of this. For example, a home with solar panels installed can collect and store energy, which can then be used to power your other homes in the area.
How do you enable your student tenants to save more energy? We’d love to hear from you in the comments.