Embracing the Sustainable Trend in a Cost Efficient Way
Sustainable Real Estate
Sustainable buildings are a new trend in commercial real estate in South Florida and many other regions, but many property owners may be hesitant to consider upgrading due to uncertainty about cost.
Although it’s a good idea to meet with a South Florida commercial real estate attorney regarding zoning implications for any property upgrades you are considering, below are some cost efficient methods that don’t take much time at all.
Get an Energy Audit
An energy audit is a relatively low-cost way to hire a local inspector to check out the property and look for the biggest improvements that could be made to improve its energy efficiency. This is a great way to get an expert second set of eyes on the building and determine which upgrades are the highest priority so that you can budget appropriately.
Sometimes they can catch issues with air leaks, ventilation, insulation, heating and cooling equipment, and appliances and electronics that would otherwise be ignored. From there you can choose the most budget-friendly upgrades to start with.
Install Energy Efficient Lighting
Adding LED lighting can lower energy consumption by up to 75% and can pay for itself in about three years, making it an excellent, low-cost method to make your building more sustainable. It can take just minutes to upgrade your lighting and it’s an attractive feature that can draw in potential tenants who are considering energy efficiency.
Install a Solar Energy System
Solar energy certainly isn’t inexpensive, but there are tax credits that can help offset the cost – up to 30 percent of the cost with the investment tax credit (ITC) with no cap on value. This can help incentivize installing solar panels.
Solar systems that are installed in a cost-effective manner and buildings with higher energy use will result in a faster pay-back time. It’s worth it to shop around and get different quotes on solar panels for your building.
Making small cost-efficient efficiency changes to your property can go a long way in improving its value and making it attractive to potential tenants.
If you are planning changes to your commercial property for energy efficiency upgrades or other alterations, it’s a good idea to meet with a commercial real estate lawyer in South Florida to discuss zoning, permits, and other requirements that may be necessary. Call Schecter Law today at (954) 779-7009 for any questions you may have.