Energy costs make up 40-50% of a typical condo's maintenance fee. Understanding the portion of your fees that goes towards paying the bill is vital in getting those costs under control.
The maintenance fee is used for the upkeep costs of a building as well as it's reserve fund and its utility bills. Newer condos are being sold with sub-metering systems built in, this allows each tenant to be responsible for their own energy consumption. However, even with sub-metering, a large portion of the building's energy use is used by common elements such as boilers, hallways or swimming pools.
There are many justified reasons for why maintenance fees keeps increasing. Older buildings have older, less efficient technology - this factor combined with raising prices for energy will keep maintenance fees increasing for years to come.
If energy consumption in a building is not properly managed, then it is likely that your building is incurring a higher maintenance fee than similar buildings. Energy management is by far the greatest opportunity to reduce your maintenance fee.
An energy audit is the first step in understanding where your building stands compared to peak performers and what steps need to be taken to make sure your building is performing at the top of the pack. Falling behind in energy management will not only reduce the value of your units due to the increasing monthly carrying cost for the owners, but it will also depreciate your building sooner due to faulty equipment and other maintenance issues.
An efficient energy management strategy will help control your maintenance fee in the long run and increase your building's value for years to come. Once mandatory energy reporting becomes commonplace in Ontario - Energy costs will have an even bigger effect on the value of your condo.
If you're ready to take control of your energy costs, contact us now to schedule an assessment.