Studies have shown that green homes sell faster and for more money than homes without energy-efficient designations. In fact, research by Freddie Mac found that homes with high energy efficiency rates sold 2.7% more on average compared to homes that didn't. This study, published in March of this year, compared the market price of homes that went through green certification programs, including LEED for Homes, ENERGY STAR, National Green Building Standard and HERS Index Scores, with homes that did not receive green certification. Their findings show that eco-certified homes sold 9.5% more than non-certified homes.
Even considering the difference in size between homes (high-yield homes were 4.3% larger on average), high-yield homes had a higher market value, selling at a median of 3.6% more per square foot. Energy-efficient homes are becoming more common, and buyers are prioritizing green features when searching. Investing in green and energy efficient home improvements can help you save on utility bills and reduce your carbon footprint. Some homes are less efficient simply because current energy standards didn't exist when they were built.
While conserving energy may not sound as exciting as a luxury bathroom or backyard, improving health and comfort and reducing energy bills could help turn your house into your dream home. NYSERDA offers a variety of residential programs designed to help New York State residents identify areas where their homes are increasing energy costs and can provide assistance in completing energy efficiency improvements to achieve a healthier and more comfortable home. In general, homeowners can receive a 30 percent tax credit to cover the cost of installing these features through fiscal year 2032 (and a smaller amount for the next two years). The study found no significant correlations between local utility rates, different charges per kilowatt-hour of electricity in different areas, and consumers' willingness to pay higher prices for eco-labeled homes.
Another NAR study looked at the energy efficiency characteristics that homebuyers considered to be the most important. The sunlight on a solar panel or cell is converted into electrical energy, which can be stored in a battery or used to power your home's appliances and devices. Energy-efficient homes not only help ensure a high-performing, healthy, comfortable and resilient indoor environment, but they also keep residents in their homes longer and sell faster and for a higher value than non-energy efficient homes. Whether you don't give a damn about the environment or not, it might be worth thinking about energy efficiency when buying a home.
While some energy-saving home improvements can be expensive, certain changes can increase the value of your real estate property significantly. Energy Star is a rating system co-sponsored by the Department of Energy and the Environmental Protection Agency that is widely used in the construction of new homes. And if you want to increase the efficiency and resale value of your home by adding solar panels, it can also help. If you're thinking about upgrading your home with green elements, here's everything you need to know, including what green improvements can increase the value of your home, how to find your home energy score, and what benefits are now available as part of the new Inflation Reduction Act.
Eco-friendly home features, such as solar panels, can improve your home's efficiency by requiring less energy and fewer resources. .