Is your condo building thinking about going green this year? And no, we don’t just mean adding a healthy coat of green paint on your condo’s walls.
Here, green is a blanket term for those initiatives your condo corporation
implements that are typically healthier for the environment. With green becoming more popular for condo buildings and residents
to ensure a higher quality of life, along with offering a number of health benefits, it’s safe to say that your building will eventually implement green initiatives. So, what should your board consider if green is a word popping up at your AGMs?
Installing LED lightbulbs, to the City of Calgary’s new Green Bin Program all the way to installing solar panels and energy efficient windows – all are considered green initiatives. How then does your condo board begin 1) to understand how green your building currently is, and 2) what they can do today and in the long term to benefit from becoming green?
Note – it’s still important to know how to support those residents who are not comfortable with or even use technology. This may not be necessary in the future, but in today’s condo market, it is.
To learn more, contact your local government to see what initiatives they have in place.
While we can offer all these great tips for transitioning your building to a greener one, it’s crucial that you still do the math. Going green for your building absolutely has benefits. However, while you’re determining whether or not a specific green initiative makes sense for your building, simply crunch the numbers.
Transitioning your building to a green one is an investment now for long term savings. It’s not a cheap or quick fix. For some, the ROI of going green can come back within a four-year period. For others, it can take 12 – 15 years before they see savings.
Look at the overall goals of your whole condo corporation and see if they align with the economics required for your specific green initiative. If the economics to install a solar panel roof don’t work, then look at what small changes you can start making. For instance, exchanging light bulbs in common areas – lobby, parking garage, gym, etc., to LED lights, are more economical to implement ASAP and won’t hurt the bank account.
Once your board makes the decision to start implementing green initiatives, sit down and do the math to determine which ones make the most sense for your building today and for the long term.
Not sure what initiatives make sense for your building? Curious about what other condo boards are implementing in their condominiums? Join the conversation at Alberta Condo Owners for Change and ask away!