It is no secret that condominium boards want to trim as many expenses as they can without sacrificing quality. But sometimes it feels like there isn’t any way to do so because costs seem to go up and up! 
For a particular cost-saving venture, using traditional light bulbs around the building may soon become old news. Replacing them with energy-efficient LED bulbs will reduce power consumption while saving money overall. Don’t know what LED bulbs are, or need some more convincing that they are the right investment? Let’s shed some on the facts. 
1.  The Benefits are Clear:
LED stands for “Light Emitting Diodes”. There are countless positive features when using these lights. As mentioned previously, they are extremely energy-efficient, but they only are the cleanest and eco-friendly light available. LEDs use 75% less energy than traditional bulbs. LED bulbs last up to 50,000 hours (that’s almost 6 years with them on!), but still manage to produce less heat. A bonus is that they turn on immediately, and provide an aesthetically-pleasing brightness that helps bring out the condominium’s features. 
2.  Look Past the Initial Cost
The saying quality over quantity is important when investing in LED bulbs. While LED bulbs are more expensive, you should consider them as an investment that will save you money (and time). Because of their energy-efficiency, LED lighting saves money on your electrical bill. Depending on the prices, this example may help you envision what your costs may look like. A traditional light bulb may cost $7, and about $100 a year to operate. An LED light bulb costs $50, but only $12 a year to operate. When you do the math, that’s a $40 saving per year per bulb. You cannot forget about the life span difference of both bulbs. You may be calling for maintenance more often with traditional light bulbs around the bulbs, as they have a lifespan of about 2,000 hours, about a year’s worth in a condominium that has the lights on for approximately 10 hours a day. 
3.  Not all LEDs are Created Equal
We recommend Energy Star® rated light bulbs as your go-to bulb. There will be many choices for LED bulbs, but continue to be informed about the differences between them. You have already chosen to make that important investment, so stick to having the best quality bulbs possible. Also, look for companies that have a good reputation – it’s easy to do a quick Internet search and see well-known brands such as GE, Phillips, CREE, Sylvania, and TCP. At this point, it is up to you to decide what will be best for your condominium property and then make your final decision. You’ll want the perfect match of a cost-efficient, energy-efficient, and long-lasting bulb that will benefit your residents. 
A professional property management company can help you decide on how to develop cost-saving strategies in different operations. Choosing an LED light is only one of the simple examples available. Talk to us about how we can help. Contact FirstService Residential, Alberta’s condominium property management leader.

Wednesday July 01, 2020