Green-Friendly Home Updates Come Big and Small
Thursday May 18th, 2023
Home buyers are willing to spend an extra $50,000 for an eco-friendly home that saves on energy costs, according to a new report(link is external) from Payless Power, an energy provider based in Texas. “With energy costs skyrocketing for households across the U.S., many are looking for ways to reduce their reliance on energy providers,” the report notes. The company surveyed more than 1,000 Americans to examine their energy use and spending as well as home preferences when it comes to going green.
About 60% of real estate professionals say they see value in promoting energy efficiency in listings, according to the 2022 REALTORS® and Sustainability Report. Sustainable homes not only save on energy costs but also provide health benefits, such as improved indoor air quality, and are made with more durable construction materials, according to the report from the National Association of REALTORS®. Green home features also may increase resale value.
Green Isn’t Just for the Rich
Sixty percent of respondents to the Payless Power survey say they believe eco-friendly home improvements are only accessible to the wealthy. But there are many ways to make a home more efficient besides making pricey upgrades. Just combatting “vampire energy,” such as unplugging a device when it’s not charging, could result in an average of $20 monthly savings, the report notes. Americans who upgrade their aging appliances could save an average of $1,300 on their annual energy costs. Taking other steps like switching to LED lights and reducing shower time could save another $320 annually.
Can’t afford to update old appliances? Many cities and states, as well as the federal government, offer tax credits for making some eco-friendly upgrades to your home. “Combined with the money you could save each year by using less energy, that could make them well worth the investment,” the report notes.
The Most Desired Features in an Eco-Home
The survey found that the green features Americans want most are solar panels, energy-efficient appliances, and high-efficiency HVAC systems.