Optimizing energy costs in a coliving not only improves the business’s profitability, but also attracts residents committed to sustainability. Both Polaroo, which offers an integrated tech solution to manage utilities, and Hello Watt, which specializes in comparing electricity and gas tariffs, can be key allies.

Here’s a 7-step action plan to effectively reduce your energy bills and position your coliving as a sustainable and profitable space:

1. In-depth Diagnosis and Consumption Analysis

Before taking action, you need a clear overview of your current energy consumption:

• Bill monitoring: Carefully review each bill to identify patterns, unexpected peaks, and hidden energy leaks. Polaroo’s tech service helps manage all your coliving’s utility bills, analyze consumption patterns, and detect issues.
  
  
• Comparative reports: Use digital tools to create visual dashboards to support informed decisions.
  
  

If you own or manage multiple coliving units, Polaroo can help you analyze consumption per resident, allowing for better rental pricing strategies.

2. Adjust Energy Tariff to Usage Profile

Every coliving is unique. A student-focused coliving may have predictable energy use, while one for digital nomads might show constant variation. To maximize savings, it’s vital to tailor your energy tariff to your usage profile:

• Time-of-use tariffs: Ideal for colivings that concentrate consumption during specific hours, allowing access to lower rates.
  
  
• Fixed vs variable contracts: Choose between the predictability of fixed rates or the flexibility of variable market-linked rates.
  
  

Not sure which one fits your coliving best? Click here to find out.
You can also negotiate discounts by bundling multiple utilities or properties, leading to significant yearly savings. Learn more.

3. Smart Home and IoT: Passive Efficiency

Automation through smart devices is key to saving without constant oversight:

• Smart thermostats: Automatically adjust temperature based on occupancy.
  
  
• Motion and light sensors: Turn off lights when unnecessary and adjust brightness using natural light.
  
  
• ECO-mode appliances: Use less energy per cycle while maintaining high efficiency.
  
  

Though they require upfront investment, these systems typically pay for themselves quickly, achieving up to 30% energy savings in some cases.

4. Resident Education and Engagement

Residents play a crucial role in energy efficiency:

• Energy onboarding: Provide a simple guide with practical tips for new residents.
  
  
• Monthly feedback: Share visual consumption reports to raise awareness and encourage friendly competition to save.
  
  

This approach not only reduces consumption but also strengthens the community spirit and encourages sustainable habits.

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5. Self-Consumption and Renewable Energy

Make the most of your outdoor areas to generate your own renewable energy:

• Photovoltaic solar panels: Install them on rooftops or terraces to significantly reduce dependence on the power grid. Learning more about electricity tariffs and potential energy savings can help you make informed decisions before investing.
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• Solar simulators: Use online tools to estimate the potential energy output based on the location and orientation of your building.
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• Smart surplus management: Take advantage of any excess energy generated to further lower your utility bills or earn energy credits.

By incorporating renewable energy solutions, you reduce long-term costs, increase the value of your property, and align your coliving with the expectations of environmentally conscious residents.

6. Predictive Maintenance and Early Fault Detection

Proper maintenance helps prevent high consumption and expensive emergency repairs:

• Scheduled inspections: Regular checks for heating, cooling, and water systems.
  
  
• Abnormal consumption alerts: Tech systems can detect irregular usage that may indicate faults.
  
  
• Incident history: Keep records to anticipate future maintenance needs.
  
  

This turns a mandatory expense into a strategic investment by improving energy performance and preventing major issues.

7. Continuous Monitoring and Iterative Improvement

Energy optimization is a process of continuous adaptation:

• Quarterly reviews: Regularly analyze data to adjust strategies and tech solutions.
  
  
• Internal benchmarking: Compare energy performance across seasons or properties to identify further opportunities.
  
  
• Tech updates: Stay current on innovations that could enhance performance.
  
  

This culture of ongoing improvement ensures your coliving remains optimized despite changes in regulations, markets, or usage habits.

Conclusion

Reducing energy bills in your coliving is all about strategy and environmental commitment. By implementing tech solutions like Polaroo, comparing tariffs with Hello Watt, investing in smart systems, engaging residents, and embracing renewable self-consumption, you can turn energy costs into a competitive advantage.

Follow these 7 steps to transform your coliving into a benchmark of efficiency, sustainability, and responsible community living.