Even I'm shocked these words are coming out of my mouth. Recurring fees are a good thing? Clearly,...
I noticed the other day in our data that condos and co-ops are installing smart controls at an exponential pace.
It was a bit surprising to me, because typically they’re slower to adopt technology. So I decided to ask them directly why smart controls are such a priority RIGHT NOW.
Smart controls help managers respond faster to issues.
Nathan Lichtenstein, a Co-Op Board President, said "In a co-op, staying ahead of issues is important. Before we had the Runwise system, we'd learn about issues with our heat or hot water system when somebody's apartment was too cold or they were stuck in a cold shower."
Paul Xuereb, a property manager in New York City shared, "Now that we have Runwise, I just get a push alert on my app and we are way ahead of the problem."
Another Co-Op Board President, Lance Dashefsky, told me, "We had a leak in our piping system to where we were losing about a thousand gallons of water every couple days. We had no idea this was going on."
Karen Bell, Secretary on a Co-Op Board, talked about the convenience - "I am not having to run to the basement to make any adjustments to the heat."
Jamal Ansah, a property manager in Boston added to that sentiment - "I'm making changes from my couch."
Reducing energy costs and verify the savings is the top priority.
Karen said, "The expenses of running a co-op in New York City in 2024 is astonishing. The property taxes have gone through the roof. The insurance is out of sight."
Jamal added, "Oil prices, gas prices, everything's going up. So to be able to install a system that's actually going to turn that number the other way, no one's going to be mad at that."
"Since we installed Runwise, we've saved about $5,749, about 31.6% savings." - Nathan Lichtenstein
"We have saved about $20,000. That's comes to around 36% on average." - Paul Xuereb
"The system shows that we've saved 44% on our fuel costs. So we're putting out less fuel emissions into the air, which is good for the climate, good for our environment and good towards our bottom line." - Karen Bell
Climate legislation is a common concern.
Greg Poverelli is a property manager in New York City and said, "Local Law 97 is currently one of the hottest topics in New York City for good reason. Many buildings, especially those that use oil, are facing carbon emissions penalties by 2030. These are not nominal penalties. When you're putting in smart controls and sensors, it's not just about reducing the expense on the budget. It's also about getting ahead of the game for Local Law 97, reducing carbon emissions, and making sure that you avoid penalties."
Utility rebates have made adding smart controls even easier.
Most local utilities now offer rebates to cover most of the costs for installing smart controls. With Runwise, smart controls generally pay for themselves in six months on average. The rebates bring that payback time down to a month or two.
You can use the free tool below to see if your building is eligible for utility rebates.
