We are all aware of skyrocketing power prices straining the pocketbooks of us and residents. With everyone looking for answers, property owners and managers can now be the source of energy savings, without large capital energy projects. Giving residents the information they need to make their own choices about energy use, while improving overall ongoing engagement and resident satisfaction solves the split incentive problem like never before.
We conducted significant research and interviews to develop the Flick, which pairs simple, timely and actionable energy saving signals with a new tool and amenity for property managers. The following are few key learnings that shaped our thinking:
Awareness Matters: Many residents are simply not sure how to go about lowering their energy bills. They believe they have no say in the matter, (which is typically not the case).
Cost Barriers: Residents are simply not able to invest in smart devices, energy-efficient appliances or upgrades due to financial constraints or the simple fact they are renting their unit.
Tenant Turnover: High tenant turnover can make it challenging to implement long-term energy conservation measures. Many communities are now focused on implementing low-cost, quick-impact measures such as educating residents on energy conservation practices, which can fade as routine turnover occurs.
Maintenance: Regular maintenance is essential to ensure that appliance, HVAC and building systems are working properly.
Lack of Control: Residents often feel as if they have limited control over their energy usage due to shared utility meters or as they have few options or actions provided that can actually make a difference.
Flick began as an energy savings company, which realized we needed to solve the split incentive issue and create value for property managers and building owners. This thesis guided us to develop the first of its kind wireless, easy to install and simple to understand and operate device giving residents actionable energy information that will help lower bills, while providing a new communication amenity to increase resident engagement and satisfaction.
Additional Resources:
"15 Ways to Conserve Energy and Save on Your Electric Bill" by EnergySage:
"10 Ways for Apartment Residents to Lower Energy Bills" by Energy Star:
"How to Lower Your Utility Bills" by Apartments.com
"How to Reduce Energy Bills in Apartments: A Guide for Property Managers"
"How to Reduce Energy Bills in Apartments: A Guide for Property Managers" by EnergySage.
"How to Reduce Energy Bills in Apartments: A Guide for Property Managers"
"The Ultimate Guide to Reducing Energy Costs in Apartments" by Rent.com.