Energy efficiency upgrades are great because they help save you money on your energy bills! In addition to huge long-term savings, did you know that getting those upgrades could also increase the property value of your home and even qualify you for additional tax credits?
How Energy Efficiency Upgrades Increase Your Home’s Value
Simply put, energy efficiency upgrades increase your home’s value by lowering energy costs over time. Given that the initial investment in such systems is generally the biggest downside, a home that already has such upgrades and systems installed can be very attractive to prospective buyers and renters.
There have been some eye-opening studies about energy efficiency upgrades and property value. A few years ago, a study by real estate broker Craig Foley, chief of energy solutions at RE/Max Leading Edge questioned whether buyers were “speaking with their wallets” when it came to lower energy costs in their homes. After studying nearly 4,600 homes in the Boston area, he found that natural-gas homes were more expensive, costing roughly $11 more per square foot. That means a 2,000-square-foot home would cost $22,000 more than an alternative, more energy-efficient option!
Choosing Energy Efficiency Upgrades
There are quite a few things that you can do to increase both the energy efficiency and property value of your home. Some of them might not even strike you as energy efficiency upgrades!
- Paint your walls. If you choose a bright color, you will be less likely to use as much lighting because your room will feel brighter. If you have to put up a fresh coat of paint anyway, consider a bright and cheery color to achieve this effect.
- Plant a tree! It will provide shade that can help reduce the amount of energy you have to spend on heating and cooling costs. Anything that helps you regulate temperatures can save you a lot of money.
- Add energy efficient light bulbs and fixtures wherever you can around your home.
- Just about any update to your kitchen will increase your property value. Your stove and refrigerator are big energy guzzlers, which makes them prime opportunities for energy savings.
- Getting better, modern, energy efficient appliances. ENERGYSTAR-rated appliances are great options for their proven efficiency.
Want to learn a few more ways to increase your home’s property value? Click here for more information from HGTV!