3. Choose energy-efficient windows for multifamily properties

High-quality windows can help reduce heating and cooling costs. Choosing double- or tripled-paned windows and ensuring they’re properly installed can keep climate-controlled air from seeping out, Demers says. 

Low-emissivity, or low-e windows, are another strong option. A thin coating on one or more panes of glass helps trap heat while allowing light to pass through. The coating is “virtually invisible,” and while windows with low-e coatings may cost 10% to 15% more than regular windows, they can reduce energy loss by as much as 50%, according to the U.S. Department of Energy. 

4. Prioritize efficient apartment appliances

If you’re going to replace appliances during an upcoming renovation, look for ENERGY STAR and WaterSense labels. Both are backed by the U.S. Environmental Protection Agency and signal the appliances meet energy and water efficiency standards, respectively. 

“When maintenance cycles and equipment lifecycles are coming up, if appliances or plumbing fixtures need to be replaced, those are really easy to change out for an ENERGY STAR model or a WaterSense model,” says Elizabeth Thompson, vice president at the U.S. Green Building Council. “Keep the fuel source in mind and choose electric whenever possible. In many regions, electrical grids are transitioning to renewable energy, and renewable energy generation is less expensive than gas.” 

5. Consider electric heat pumps for apartment properties 

Space heating and cooling and water heating account for more than 60% of all energy consumption in apartment buildings, according to the U.S. Energy Information Institute. 

Heat pumps and heat pump water heaters can be more efficient options because they use electricity to move heat from one place to another, rather than generating it, like a furnace, boiler or traditional water heater. 

Air source heat pumps, which transfer heat between a home and the outside air, can reduce electricity use for heating by roughly 50% compared with a furnace or baseboard heater, while geothermal heat pumps, which transfer heat between a home and the ground, can reduce energy use up to 60%, according to the U.S. Department of Energy. 

Despite the name, heat pumps can also cool homes, and their performance in cold climates has improved significantly, says Carlson. However, in climates where temperatures dip below zero, property owners should still have a backup heating source, he says.   

6. Explore renewable energy sources

Once you’ve taken steps to ensure your building is operating efficiently, weigh the benefits of installing renewable energy sources. 

Solar power is popular because it tends to have the lowest cost per unit of energy and there are established government incentive programs for solar that can reduce costs, Sanborn says. Geothermal can also be an option, but the need for open space and underground drilling can make installation more complex, Montesdeoca says. 

While it can take years to recover the initial investment through lower bills, installing on-site renewable energy does provide protection from rising utility costs — especially if you’ve transitioned to electric building systems like heat pumps — and can “give you more stability in projecting profits and losses,” Sanborn says. 

In regions where extreme weather events cause power outages, pairing on-site renewable energy with an energy storage system helps keep the power on at buildings. That makes it more likely residents will be able to shelter in place. 

“It’s risk mitigation, and it’s the right thing to do,” he says.   

7. Seek out rebates and incentives for sustainable apartment renovations

There are many incentives that can help offset the cost of going green. From tax breaks and rebates to grants and loans, you can find opportunities through local utilities, as well as statewide and national initiatives. 

“Regardless of the project, I always recommend reaching out to your utility,” Carlson says. “Rebates can certainly help soften the blow of that upfront cost.” 

You can search for local programs on the Database of State Incentives for Renewables & Efficiency. You can also find information on rebates and federal tax incentives and credits from ENERGY STAR, government-funded grants on Grants.gov and sustainable housing resources from the U.S. Department of Housing and Urban Development.