With any multi-family investment property in Vermont, heat and hot water make up a chunk of the operating expenses. You’re going to want your tenants to be comfortable because you want the good ones to stay with you for a long time.
But you’re also thinking of this as a business that needs to be profitable.
Fortunately, you can accomplish both of these goals at the same time. By insulating and weatherizing your apartment building, not only will you decrease the amount of fuel that’s used, but you’ll also keep people more comfortable.
Here's a link to additional info from Efficiency Vermont. There are all kinds of rebates available to help lower the cost of improving efficiency.
Adding the right type of insulation in the right places, and sealing up places where air leaks are two of the best areas to attack. Experts say to focus on the “hat and socks”--the attic and the basement.
Old windows can be replaced over time too, but honestly, it can take a long time to recoup the cost of replacement windows. Whatever, it’s still the right thing to do.
Old furnaces and boilers run less efficiently than new ones. But again, run the numbers to see if it’s worth the investment. If you bump up your efficiency from 86% to 92%, then you’ll save 6% on your fuel bill. How many years will it take to recoup that?
Maintaining the furnace or boiler, and keeping it in good working condition is good advice. A couple hundred dollars each year can prolong the life of your heating plant by many years, plus it can prevent unscheduled (and expensive) maintenance.