Smart Building Rebates and ROI
When you’re operating a building, you have to find ways to reduce overhead costs. That’s why you work hard at implementing energy saving methods and technology to reduce energy costs.
But many building managers balk at the initial costs of major upgrades.
The thing is…you need to spend money to save money. When you upgrade to a smart building, your energy savings will often outweigh the initial cost of the upgrade. Plus, there are very often rebates available that can offset those initial costs.
So what is the actual cost of a Smart Building system?
Smart Building Return on Investment
Investing in smart building technology will generally provide a return on investment (ROI) in a short period of time. You can expect to recoup your initial investment within one or two years via energy savings and other operational efficiencies.
For example, the use of a smart building system along with data analytics can help identify areas that need improvement. It can also identify and resolve building issues before they lead to equipment failures. Think how much you can save by repairing failures before they occur!
Smart Building Rebates
There are many energy savings rebates available in the commercial space. These rebates are intended to fund the implementation of smart building systems.
When to Apply For a Rebate
If you want to apply and qualify for rebates, here are some tips:
Apply for a rebate immediately
The moment you begin considering a smart building investment, apply for any relevant rebates. This way, you won’t end up having to wait as long after you’ve implemented the technology that you’re applying for the rebate for. Even if you are ultimately unable to implement the feature you wanted to, you can withdraw your application without any kind of penalty.
Apply (again, if necessary) for your rebate on January 1st
Most rebate programs open up for application on January 1st. You should do your best to get your application in on or near that date. Many utilities will have committed all their money for the year by March 1st. This could mean that if you wait too long, you’ll have to wait for your rebate. However, you’ll still retain a place in line if you’ve applied. So, once money becomes available, you could qualify.
Check for utility rebates throughout the year
Even if you weren’t able to file for a rebate early on in the year, it’s worth checking to see if there is a utility rebate available later on. Some utilities may have extra rebate money that they need to get rid of by the end of the year.
How to Qualify For a Rebate
One of the main reasons that you should apply for a rebate as early as possible is so that you can find out what the requirements to qualify for the rebate. For example, some utilities require an on-site inspection either before your project begins or following the completion of your project. Some will even require two inspections – one before and one after completion.
If you don’t get pre-approved for a rebate, the actual chances of getting the rebate will be slim. But that doesn’t mean you can’t get it. It generally depends on the rebate program or the utility providing the rebate. It’s also an option to implement smart building technology, then apply and obtain a rebate afterwards.
Many rebate programs are lenient when it comes to the paperwork requirements. However, the last thing you’ll want to do is to file too late or file incomplete paperwork. It will affect your potential to receive the rebate!
If you’re on the fence about investing in smart building technology due to the initial costs, keep in mind that not only will you most likely be able to recoup those costs within a year or two, but you can apply for various rebate programs as well.
You can search for energy saving rebate programs available in your state here. Get started implementing your smart building today!