As costs of everyday items rise, home buyers across the country are looking for ways to save. One way that has caught the attention of 48% of HomeLight real estate agents is through energy efficiency in the home. Homebuyers are increasingly prioritizing energy efficiency through a variety of ways and they are willing to pay for the upgrades. Energy efficiency in a home has become such a priority that its increase in value has gone up by 25%. Consider investing in one or more of these energy efficient upgrades if you are trying to increase your home’s marketability and value.
Upgrade to Double-pane Windows
New windows have long been a popular upgrade among homebuyers. As far back as 2020, new window replacements had an 80% return on investment. While it can be tempting to base your choice on new windows off of design and style, you will get more value added to your home if you opt for energy efficient windows. Double paned windows that are Energy Star certified can increase a home’s energy efficiency and reduce the cost of heating and cooling bills by as much as 15%.
Replace Old Appliances with Energy Star Models
One of the easiest ways to bring value to your home is to replace old appliances with newer energy efficient models. Newer appliances can use up to 40% less energy than older models. The most popular upgrades are kitchen appliances such as the refrigerator, stove, dishwasher, and range hood. Outside of the kitchen upgrade your washer and dryer unit, water heater, and bathroom fixtures.
Install Solar Panels
At the top of the list of energy efficient features that homebuyers are searching for is solar panels. 41% of HomeLight real estate agents believe solar panels are an eco-friendly feature that will help promote your home. Nationally, the value that solar panels bring to a home has increased by 15%. On average solar panels cost between $15,000 to $25,000 to installSolar panels may cost a bit upfront but their long term value will make up for the cost. It is estimated that with every $1 reduction in annual energy costs the value of the home increased by $20.
Add Insulation to the Attic
While not as noticeable as solar panels or shiny new appliances, attic insulation is one of the best ways to reduce heat loss. Around 25% of heat lost in the home is through the attic. You can curb that loss by adding spray foam insulation with the help of professionals in insulation Lexington KY. Spray foam is relatively affordable with a cost of anywhere between $1,00 to $3,600. However, the average return on investment to insulate an attic is around 116%. Not only will adequate insulation in the attic improve your home’s energy efficiency it will also add to your home’s value when it is appraised. An attic without proper insulation will be rated as “Poor/Deficient” and reduce your home’s appraisal value.
While increasing your home’s energy efficiency may not be as exciting as remodeling a kitchen or staging a living room, it can add quite a bit of value to your home especially when you utilize key techniques like installing solar panels or upgrading your windows to Energy Star certified models. Speak to a top real estate agent for more insight into ways that you can improve your home’s energy efficiency and increase your home’s value.