Over the last decade, the green movement has made way for a whole industry dedicated to green initiatives, offering everything from energy efficient light bulbs to solar paneled roofs, all advertising a decrease in energy costs and an increase in property value. But does reducing a home’s environmental footprint really increase its value?
While the cost efficiency of these initiatives is still up for debate, there are a few statistics that prove the real value of energy efficient homes.
For example, a recent survey found that one third of first-time homebuyers say they will avoid buying a property if it is not energy efficient. Studies show that homes certified for energy efficiency and sustainability fetched a higher price, with newly constructed certified homes selling for 8 per cent more, and existing certified homes climbing to an average selling price of 30 per cent more. Homes that are energy efficient also tend to sell faster than their less efficient neighbors, attracting buyers more quickly.
While these green initiatives may be costly, they are proven to be worth the price tag, if not for the energy savings then for the resale value. While the exact value of energy efficient investments will vary, one can expect to see a healthy return.
Some simple green initiatives to consider include: replacing light bulbs with more energy efficient compact fluorescents, using low-flow showerheads and toilets, and increasing insulation. Those looking to take on more elaborate green initiatives can also consider purchasing energy star appliances, or installing a programmable thermostat.
Another option for those serious about saving money and reducing their carbon footprint is getting an energy audit from a professional, who can suggest energy efficient solutions specific to your home.
Before making any major energy efficient renovations, be sure to look into government programs that offer incentives for green initiatives, which can significantly reduce the cost of the renovation. You can also talk to a real estate agent about various options available to you and how they can help you increase your home’s value. To learn more about how to find a good real estate agent, watch the video!