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In the US, residents can benefit from a 50% reduction in their annual heating and cooling expenses. Additionally, a 2019 financial survey indicated that thirteen jobs are created on a national level for every $1 million saved in energy efficiency. This proves that being energy efficient goes beyond contributing to a healthy environment. Instead, it saves you money in several ways, which is more than enough motivation to consider it now. If you want to know more, please read further.
1. Enhances the financial value of your home
Indeed, it takes an initial investment to make your home energy efficient. However, after the costs involved in the initial stage, what you would have done is increase your home’s value. That is when you sell your property sometime in the short or long term. According to statistics by Pembina.org, builders with energy-efficient homes can sell their houses three times faster than those that aren’t. Even better, they are more likely to receive their asking price than those who never invested in making their homes energy-efficient.
The trend discovered by this survey indicates that the real estate market is passionate about energy costs. It also shows that most buyers will automatically gear more towards energy-efficient homes because of their long-term financial benefits. Lastly, it’s indicative of an environmentally conscious market. All these put you in an advantageous position when you finally put your house on the listing market.
2. Tax credits
Believe it or not, this is real, and if you know the enormous benefits of tax credits, you will start to look at your energy efficiency as a conduit to save on tax. This is where the 45L energy-efficient home credit comes into the picture. According to US laws, beneficiaries can claim the 45L tax credit to the tune of $2000 per house. This is excellent news for a developer or builder because they stand to save more on every unit you put up. This means, if you built a total of 100 energy-efficient homes in a year, you could claim up to $200,000. Indeed, that is excellent news for business.
3. Cheaper house insurance
In the United States, several factors influence how much you pay for home insurance. For example, property size, closeness to water bodies, and type of security system are few things people know about. Very few know about the benefits that an energy-efficient home has on home insurance payments. Several insurance establishments across the nation give special discounts or lower premiums for houses that take measures towards excellent energy efficiency.
As a builder or developer, this is an excellent selling point for you. Automatically, your buyer or the final homeowner gets to pay lower insurance rates on their property. This will be immensely lower than another homeowner with regular or high energy consumption.
To conclude, there are several benefits to investing in energy-efficient homes, especially in the 21st century. Consumers are increasingly becoming environmentally conscious, and governments around the world are supporting the move with incentives.
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