Planning to build a new multifamily building? Before you finalize your construction plans, consider going green. Sounds pricey, doesn’t it? Truth is: it can save you money in the long run and help you attract new, responsible tenants in the short term—not to mention some reduced-premium insurance options, too. There’s a number of certifications and incentive programs out there, so you can find the one that’s right for you! Here are six reasons you should seek certification on your new construction:
1. Utility Savings
Savings from energy and water consumption can be as easy as careful design and smart purchasing decisions. Common-area utilities represent a large portion of the operating costs, so focusing on these spaces can provide quick (and big) wins! While utility savings can happen without a certification, this process is made simpler through a green certification programs’ checklists and advisors.
2. Reduced Construction Costs
Integrated design: this is the process of bringing the entire construction and design team together ahead of construction to concept from top to bottom. This leads to additional cost savings, higher performance, and more efficiency. Green certification programs incentivize this process, too!
3. Finding the Right Incentives
Sure, these certification programs require a fee upfront, but incentive programs on a local, regional, and national level more than offset these costs. Many utility companies will also offer rebates for high-performance buildings, allowing developers to reap twice the benefits!
4. Tenant Acquisition and Retention
Not only will you save money as the building owner and operator, but energy-efficient units offer the tenant an opportunity to enjoy utility savings as well. These savings and other benefits—quieter buildings and better air quality—are most attractive to millennials, a benefit that will help you attract new tenants, and even retain existing ones. Not to mention, people are willing to pay a premium for green living!
5. Quality Control
Only the best—or at least better—for green certification. Due to the enhanced inspection process during construction, you can rest assured your work is being done to the highest quality including insulation, HVAC systems, and more. While it adds some time to construction and likely requires more careful monitoring of the process, it’s worth it in the end to avoid defects like water intrusion, mold and mildew, poor insulation, and other common tenant complaints.
6. It All Adds Up
Green building certification comes with a hefty price tag. False! Meeting energy efficiency and green building requirements is easier—and less expensive—than you might think.
Considering all the benefits, both financial and ancillary, green building certification is worth the investment.
Interested in learning more? Read more about these benefits here and find educational resources for risk management and sustainability through the Association of Green Property Owners and Managers (AGPOM).