Higher electricity costs: how to circumvent them

by John Tenpenny on 30 Oct 2015
One property investment expert is telling clients to focus their attention on energy consumption when it comes to their rental properties – a direct result, he says, of the newly elected federal Liberals’ plans to invest in green energy.

“As Ontarians already know, hydro rates are going up and we expect them to go up more with the new government’s plans for taxes on greenhouse gases and investments in green energy,” said Erwin Szeto, a sales representative with Rock Star Brokerage Inc, in Hamilton who specializes in helping property investors.

Szeto advises that wherever possible, landlords should pass the higher cost of electricity on to their tenants and look for ways to be more energy efficient, such as installing programmable thermostats and motion sensor lights, especially in hallways and exterior spaces.

He also says if you’re considering renovations to include a secondary suite, to make sure to separate the wiring and install separate meters so each tenant can take ownership of their energy consumption.

“Encourage your tenants to conserve by doing laundry and running the dishwasher in the evenings,” says Szeto. “ And if your leases are all-inclusive, include a clause to cap utility costs.”
 

Post a Comment



Most Trending News

Toronto property taxes explained
News

No matter where you are, there are going to be some recurring costs associated with your investment. Here, we'll explain how property taxes work in Toronto.

Read More
Assessing average condo size: Toronto paying more for less
News

Data from Statistics Canada and Royal LePage indicate that in recent years, the square footage of Toronto condos has been shrinking at an arming rate.

Read More
Mortgage rates back up as GOC bond yields rise
News

Global bond yield rates are up this month, and Canada is not missing out on the action. Yield rates surged to 1.24% from the 0.85% of late September.

Read More