Ward, Hayden

Tips to Beat Rising Energy Costs at Your Property

Energy Bill Saving

Energy costs are expected to reach a decade-long high this winter, according to the National Energy Assistance Directors Association. The rising prices will be felt most intensely for properties that rely on natural gas and heating oil. Not to fear — there are several things you can do each month to conserve energy and reduce the strain on your wallet. Read on for tips to lower energy costs in your vacation rental property this winter.

Why Are Energy Costs Rising?

Energy bills are predicted to rise for several reasons, including:

  • Decreased supply stemming from financial sanctions on Russian oil
  • Rising wholesale gas prices
  • An anticipated colder-than-average winter

Conduct an Energy Audit

An energy audit will show you which areas of your short-term rental use the most energy. You can conduct this yourself, contact your local utility company or call an independent energy auditor. A comprehensive evaluation should include:

  • Checking insulation levels
  • Looking for open fireplace dampers
  • Searching for holes or cracks around doors, light and plumbing fixtures, and other places where air may leak out
  • Ensuring appliances and heating and cooling systems are properly maintained
  • Replacing dirty furnace filters

Temperature Tips

  • Weatherize your property; caulk and weather-strip any doors and windows that leak air.
  • Install a programmable thermostat that will reduce heating at night and when nobody is at the property.
  • Consider replacing single-pane windows with double-pane; they have coatings that reduce heat loss or gain, depending on the season.
  • Keep your thermostat under 70°in the winter and a few degrees cooler than the outside temperature in the summer.

Water Use

  • Repair leaky faucets immediately.
  • Use low-flow showerheads.
  • Insulate your hot-water storage tank and pipes.
  • Drain a quart of water from your tank every three months to remove sediment, which impedes heat transfer and lowers efficiency.
  • Lower the hot water heater to 120°.
  • Ask your guests to wash only full loads of dishes and/or laundry.
  • Think about other sources of energy waste (e.g., inefficient light bulbs, leaky shower head).

Renewable Energy

There are more options than ever to use renewable energy. When building a new property, orient it to avoid the overhead summer sun and to benefit from the winter sun in cooler climates. Try a solar pool heating system, which can cut costs for heating swimming pools or hot tubs. Under certain conditions, installing solar cells might be right for you.

Energy-Saving Appliances

Upgrade your appliances to Energy Star certified. On average, 13% of your energy bill is from appliances alone. Switching to energy-efficient ones will help cut down on that cost and may even use less water. 

Unplug Devices When Not in Use

Most of us tend to leave our appliances plugged in when we’re not using or not home. These appliances are still using energy even though they’re not turned on. You can politely ask your guests to unplug items such as chargers, toasters, air fryers and computers if they’re not being used.

Utilize Smart Technology

Smart thermostats help regulate the temperature even in the middle of the summer or dead cold of winter. As a host, you can set your own restrictions regarding the temperature instead of letting your guests crank it up. You can also increase or decrease the temperature before the next guest arrives, so your property is cozy instead of freezing cold. Smart thermostats also help reduce your chances of a frozen burst pipe.

Save Your Time and Energy with CBIZ Vacation Rental Insurance

According to the U.S. Department of Energy, the typical household spends over $1,386 a year on utility bills, and a large portion of that energy is wasted. For more ideas on how to save on energy and become a little more eco-friendly, download our guide

Connect with a team member today at CBIZ Vacation Rental Insurance and request a free quote today!

This blog may contain scenarios that are provided as examples only. Coverage is subject to the terms, conditions and exclusions of the policy issued. The information provided is general in nature and may be affected by changes in law or the interpretation of such laws. The reader is advised to contact a professional prior to taking any action based upon this information.

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About Us

CBIZ Vacation Rental Insurance, a division of CBIZ Insurance Services,Inc., is the largest insurer of short-term vacation rental properties in the United States. As part of an $850 million New York Stock Exchange traded company (CBZ), we are the first broker to develop specific policy coverage to meet the needs for vacation rental properties and the amenities offered by these businesses. We have insured vacation rental properties since 2002.

The CBIZ Vacation Rental Insurance team knows insurance, specifically the risks and exposures related to short-term vacation rentals.We won't confuse you with technical "insurance speak" ~ our representatives are well versed in explaining your coverage in plain English. With hands-on, personal customer service, we guarantee swift communication and a 24/7 claims team that is ready to respond to your call any time of the day. As specialist in the industry, we leverage our knowledge and passion to ensure you and your business are adequately protected.