One of the biggest issues facing property owners is the increasing cost of water in New York

Water has become another one of the big expenses for property owners. Starting July 1, we will be paying a penny a gallon for water in NYC. While this might sound cheap, keep in mind water has risen 67% since 2005. Mayor Bloomberg has given real estate owners a clear message. Conserve water or pay for it. One of the biggest issues facing property owners is the increasing cost of water in New York. Water bills are already more expensive than electric bills and I only see them going higher. You can stop paying your water bill but eventually the DEP will put a lien on your property. Another option would be to look for ways to reduce consumption. This can be done by fixing leaks, investigating the use of low flow fixtures and educating the tenants about this issue. With frontage being phased out and everyone being forced onto meters, many real estate owners will find water becoming a make or break expense. We have seen some buildings' bills go up 50% annually once switching to the meter. The reason for the high bills is because tenants don't report leaks and they run water without regard. Owners need to begin to stress the importance of water usage to their tenants and supers. Whether you happen to be a small property owner, or a large corporation with many buildings, saving water has become an important initiative for all parties involved. In the near future, conservation will be even more crucial. The DEP has begun to phase in a new type of meter. These meters called Automatic Meter Reader, also known as AMR's, will allow owners to track their usage in real time to track water usage. For example, if your meter is running at 3 in the morning, chances are you have leaks in various places. This meter will also allow you to anticipate what your quarterly bill will be. It can give you an opportunity to set aside money for water. These AMR's are being installed right now in the boroughs. Once these AMR's are in place in all buildings across the city, frontage will come to an end. Before deciding to go to the meter, building owners and property managers should track their water usage for up to six months. Some buildings might actually be using less water than what the buildings' frontage has predicted. If your building is using less water than predicted, go into the building and stop the leaks from tub spouts, faucets and toilets. The idea is to reduce consumption before going on the meter. If your building is using more water than your predicted amount; be proactive and begin to fix the leaks in the building. Think about changing out your fixtures before frontage ends. Once frontage ends, every leak and running faucet will be charged to you. Have supers and property managers make house visits regularly to maintain a level or seriousness of this issue. With many states expecting water shortages as soon as 2015, the price of water will only grow higher in the Tri-state area. Other city mandates will be coming into effect. Property owners will need to track their water usage and encourage tenants to save water. We have to make the tenants a part of the solution because they are ones using the water. Water conservation will become vital to the long term health of property owner's survival. GreenCents provides an opportunity to lower your water bills by installing low flow fixtures. These fixtures not only save water but also save on water heating. GreenCents Solutions LLC is based in Westchester. Our goal is to aggressively reduce consumption in New York. Mark Bourbeau is the owner of GreenCents Solutions, Pelham, N.Y.