Sustainability and Green Homes: The Growing Interest in Eco-Friendly and Energy-Efficient Homes
In general, sustainability is on the rise – so it’s unsurprising that the trend translates to homes, too. Here in Greenwich, it just makes sense. After all, we’ve been named a “top ‘sustainable’ town” and sustainability is a part of our culture and values to the point that we have our very own Greenwich Sustainability Committee.
And what says “sustainability” more than a green home?
What it Means to Own a Green Home
But let’s back up. First, what is a green home? A green home is “designed to be environmentally sustainable.” It's a home that takes measures to reduce energy use, and increase sustainability. For example, it might have solar panels, energy efficient heating and cooling – and windows and doors – low-flow toilets, and even upgraded appliances. Whether all or some of these updates appeal to you, they can have a real financial benefit for homeowners.
Even something as simple as upgraded appliances “could save [you] an average of $1,300 on [your] annual energy costs” according to Payless Power survey.
Photo: Kindel Media
How Popular Are Green Homes?
According to 2022 REALTORS® and Sustainability Report:
63% said energy efficiency promotion in listings was very or somewhat valuable
48% of respondents found clients were at least somewhat interested in sustainability
42% of homes with green certifications spent neither more nor less time on the market
And said popularity is, of course, related to the many, many benefits of owning a green home, some of which include lower utility bills, long-term decrease in energy usage and the possibility of higher efficiency. There are also tax credits as the government encourages U.S. buyers to integrate greener practices into their homes. “If you make qualified energy-efficient improvements to your home after Jan. 1, 2023,” the IRS explains, “you may qualify for a tax credit up to $3,200.” Not to mention the benefit to the environment.
Meanwhile, the cons of a green home are much, much lower. Homeowners can be limited by not eco-friendly HOA — for example, living HOA bylines saying that no solar panels are allowed — so if a green home is important to you, you’ll want to take that under consideration.
Should I buy a green home?
At the end of the day, it’s best to consider the pros and cons, and, too, to think about the future of your home. It can benefit you financially if and when you decide to sell your home. “Americans are willing to spend an additional $50,000 over budget for an eco-home: an environmentally low-impact home designed and built using materials and technology that reduces its carbon footprint and energy needs.” according to a Payless Power survey.
Photo From: Unsplash
As if that doesn’t sound good enough, According to Bankrate, a Freddie Mac white paper “analyzing energy-efficient-rated homes rated for their energy efficiency found that rated homes are sold for 2.7 percent more than unrated homes and, among rated homes, those with better ratings sold for 3 to 5 percent more than lesser-rated homes.”
Plus, the increased demand for realtors who know how to sell these homes shows that this trend isn’t going anywhere.
Navigating the market in Greenwich, CT, requires expert guidance, especially if sustainability is something you value. If you’re interested in learning more about green homes, reach out to me today!