Condo Owners Association COA

Displaying items by tag: hydro

COA review on Cost Savings Initiative Relating to Hydro

COA has reviewed documentation on discussions between the Government, Energy Consultants, Ontario Energy Board, Ontario Hydro and OPG.   

A Condominium budget experiences about 30% of their operating budget for utility costs.  The difference between Condominiums where the hydro costs are included in the maintenance fees vs those condos where the units are self metered can make a huge difference on maintenance fees.  The Board of Directors needs to consider energy savings initiatives for those buildings which are all inclusive of hydro. 

The key issues tend to be:

1)  Older appliances - not Energy Star - Buildings built 2006 or prior could be experiencing a huge drain on hydro costs - Board needs to discuss initiative on replacements

2)  No conversions to LED lighting - Building common elements and units - Board needs to consider working with Owners to replay in-suite lighting

3)  Fan coil systems - no energy efficient - Buildings built 2006 or prior could be experiencing high energy costs - Board needs to discuss initiatives on replacements

  

Hydro Facts to view

Hydro One  - Mapping 

Hydro One  - Power Outages and Safety

Hydro One - Savings on Lighting

FINANCIAL STRUCTURE OF A CONDOMINIUM

What determines your Maintenance Fee?

The Condominium Financials includes the operating budget, surplus of funds, contingency funds and the reserve funds of the Corporation.  The maintenance fee for each unit is assessed in relation to the square footage of the unit, parking and locker (if included).  The Budget will include all of the expenditures based on a fiscal year of operations.

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