1. There are programs that exist that will literally just give it away.
Yeah you read that right- there are companies all over the country that will literally give water conservation away. Depending on what kind of conservation program you’re looking for- and for the newbies here, there’s mainly 2: a) conservation without toilet replacement or b) conservation with toilet placement, the models look a little different throughout the industry. There are companies that will only ask to be paid a portion of the savings they generate for you, there are companies that will long term finance the cost of a conservation program, and then there’s us that don’t charge the property at all- instead we pass a fee along to the resident. It really depends on what kind of program you’re looking for and which one is the right fit for your property. Each property tells it’s own story- what works for one may not work for the next 20.
2. Lenders will give better terms and options to those that meet green standards.
Ever heard of Fannie Mae? I bet you have. Fannie Mae has a program out right now referred to as their Go Green Initiative. Basically, if your multifamily community meets certain conservation standards (low flow rate fixtures) and if you can demonstrate a certain percentage in reduction of used energy since the implementation of a conservation program- you qualify for borrowing “nicer” money.
3. Your bottom line will thank you.
Do you know how much of your total water bill you’re passing through to your residents? Most properties that I walk on after a takeover are only passing through 75% of their total water bill! Why? Because their residents can’t afford to pay anymore for utilities. This means that the property (aka probably you that’s reading this) is eating 25% of the total property water bill monthly. Let’s take the state of Texas for a minute as an example. In the state of Texas you are allowed to pass through as much as 95% of the total water bill monthly to the resident. Water conservation programs can save anywhere from 20-45% savings off your monthly water bill. You do the math- 75% pass through plus 20% savings at a minimum. Conservation means having the ability to pass through more of a lowered bill to the residents.
4. New retrofitted pieces add crazy value to your property.
This one’s pretty obvious but let’s talk about it. Conservation programs mean new conservation grade pieces installed into apartment units on property- showerheads, tub diverters, bathroom aerators, kitchen aerators and the internal components of toilets (at least for one of our programs). Along with the savings these pieces will create for you, they are also silently creating immense value inside each unit. Times that by your unit count- those pieces just put your property one level above the one down the street.
5. Give your maintenance staff a break
Have you ever quantified how much time your maintenance crew spends fixing leaks and drips inside each unit? It’s a bunch of time. That’s time they could be spending repairing unit #101’s AC (and we’re in Texas so Lord knows unit #101 NEEDS their AC). Point is- leaks and drips are overwhelming, and the reality is that so many are occurring that go unreported and unresolved. When you have a water conservation project implemented- yep you guessed it, all leaks and drips inside each unit are repaired and fixed.