Electric Bill Rapidly Rising: Rental Profitability Shrinking
I just received an electric bill from one of the rental ‘house’ meters for a total of $324.12. This issue is that this bill has never topped $210 up until now. I’m concerned because this can seriously affect my rental’s profitability, especially when my margins are already thin.
Now, I should give you a bit of background on this since I’ve recently made some changes to the set-up of this building. When I bought the triplex, my house meter powered the common area lights, the laundry room, and the furnace room. I paid for the heat via two oil fired forced air furnaces and an oil fired hot water tank. In August I installed a second oil tank and a 60 gallon electric hot water heater in order to split the heating of the units independently (the basement has electric baseboard heat).
