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The dollars and sense of energy retrofits, ancillary income streams
August 2010
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| Mark Kenney, Chief Operating Officer, CAPREIT |
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By Clare Tattersall
With the City of Toronto reporting that more than one-third of the city’s inhabitants live in residential dwellings of more than five storeys, addressing the energy usage of these highrises is a key way to reduce operating expenses and raise the profile of these buildings.
To do their part for the environment and subsequently save money, Mark Kenney of CAPREIT says many landlords have already invested in traditional energy retrofits. This includes replacing conventional toilets and showerheads with ultra low-flow ones and installing high-efficiency boilers, smart sub-meters for utilities to accurately bill tenants and occupancy sensors to reduce the operating time and output of lighting systems, among other things. However, there is now new energy conservation equipment such as solar panels, geothermal technology and wind power generation systems, which heighten the potential for energy savings in apartment buildings.
“Solar is something landlords can invest in themselves or can participate in (through) a rental arrangement,” says the Chief Operating Officer at CAPREIT. “We’ve done some experiments with wind power generation. The buildings offer a unique opportunity to capture wind power and so far the results have been (good).”
Besides energy retrofits, Kenney says ancillary income can add value to any apartment building. Traditional sources of non-rent related revenue include laundry rooms, vending machines, rooftop cable television antennas and satellite dishes. Today, there are new opportunities for apartment owners and managers to generate income, from offering car washes and daycare services to outsourcing unused parking stalls.
“There are a lot of rental car companies that are looking for strategically placed parking locations for their service,” says Kenney.
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