NEED ADVICE: Boiler Replacement - Alternate Solutions

[Shayne Hastings]

Hey all!

My business partner and I have a 5-unit property and we have run into some issues with the boiler the last year or so. We are getting absolutely killed on the utilities each month because we pay for water and gas. We are looking for creative solutions to either make this older boiler more efficient (band aid solution), replace the boiler or install in-unit electrical and water units. A few questions for those in the Detroit market below;

- Has anyone utilized the Inflation Reduction Act rebates for the installation of energy efficient equipment in your property?

- I hear mixed reviews on the in-unit electrical heaters from other investors. High costs to operate but could pass the utility cost onto the tenant?

- Has anyone had success working with the utility to sub-meter the units in their commercial property?

- What are some cost effective solutions that we can implement to make the aging boiler more efficient or extend it's life?

I appreciate your feedback in advance!