Though the green buildings are gaining much popularity these days, yet most managers or building owners are not entirely aware of these concepts since it’s quite new. When people do not know much about green buildings, they will be hesitant to take advantage. But studies reveal that buildings with green initiatives can save on their operating costs while raising the asset value along with space demand.
There is universal concern about growing climate change and lack of resources. As a result, upgrading the existing building is of utmost importance. This is because buildings around us not just serve the basic purposes, but also have an undeniable impact on the environment around us.
Understanding the concept of green building
There is no particular universal standard or benchmark for green buildings. The USGBC or the United States Green Building Council has developed the most commonly accepted standards for green building. Any building across the globe that meets this standard as certified by the USGBC can call themselves green. The case is the same for buildings in India as well. But it is worthy of mention here that meeting these standards requires a lot of hard work, funds and is much time-consuming. The owners can greatly benefit from including at least a few features of green building even though they are not officially certified. Any kind of improvement of the building can result in improved energy efficiency and air quality, reduced use in resources and waste creation and most importantly, the inclusion of innovative technologies. These may include green roof systems and renewable power and many such other options leading to direct monetary advantages.
Why should you consider having a green building?
Here are a few financial advantages that you can reap from including green strategies:
- It’s not as expensive as you think: Most people have a misconception that updating or adding green features in a building will make the project extremely expensive. But this is not true. Most of the green technologies can now be adopted at pocket-friendly prices owing to increasing competition. As a result, adding the coveted green features will not raise your budget beyond means. It is also important for the regulatory authorities to encourage the facility managers to upgrade their buildings. When the whole work is completed in a proper manner, most upgradations will be able to offer a viable return on investment within a very short span.
- Reduced operating cost: A green upgrade on any building can reduce the operational cost to a great extent. This is achieved by reducing the costs of fuel, electricity, and water through a change in processes in order to procure the initial investment within a short span. The return on investment can be as high as 40 percent or even more each year.
Many such upgradations can prove to be a wise decision in terms of perpetual savings. For instance, if you pay for the technologies that can reduce the usage of electricity such as improved lighting solutions, HVAC systems and insulations, and such others, you can save a lot of money later when there will be reduced electricity consumption.
- Decreased operation and maintenance costs: With green upgradations, there are reduced operation and maintenance costs. For instance, the LED lights will not burn out and can be used for 7 to 10 years. This is much more efficient than CFL lights which can last no longer than two years. It invariably means that you will not have to shell out huge amounts of money in changing lamps and such other stuff. You will be better able to focus on high priority jobs and reduce the chances of risks and accidents for the tenants. When the equipment will not have to be replaced quite often, the facility managers won’t have to keep a huge stock of spares and it will free up more space within the facility.
- Better tenants: When you have a certified green building, you will be able to attract more high-end tenants who would opt for quality. Also, the resale value of green buildings is much higher as the prospective buyers are aware of the reduced costs.
Many people are aware of the fact that working in a green building is not just good for you physically but mentally also. As a business owner, you will definitely want reduced tenant turnover and a more successful business. When there is already improved ventilation, green roofs without any tinge of toxic pesticides or VOC furniture and carpets, the tenants will be much satisfied and it will result in less turnover.
- The better environment around us: One cannot deny that having green buildings can result in the improved environment around us. When a firm has chosen to have a green building, it becomes legible for them to show a reduced amount of greenhouse gas emissions. This would lift the face of the company and place it in a higher moral ground.
Thus, it can be concluded that having a green building has a lot of positive impacts on the company’s bottom line. It makes sense economically and can predict the degree of success of the business.