Are Energy Efficient Upgrades Worth the Investment?

Are Energy Efficient Upgrades Worth the Investment?If you're planning a home improvement project or remodel, have you considered incorporating energy efficient elements into the design? In some cases, choosing an energy efficient update can be the more costly option, so homeowners often wonder if it's worth the investment.

Of course you can assume that these upgrades are going to be better for the environment, allowing you to feel proud of the choice you've made in honor of the planet. But don't worry, energy efficient upgrades also offer benefits for you! If you own a home in Myrtle Beach, here's what you need to know about investing in energy efficiency in the home. 

What are the financial benefits of energy efficient upgrades?

Brian Piercy of The Home Search offers this advice: "One of the most immediate and tangible benefits of energy-efficient upgrades is the reduction in utility bills. Energy-efficient appliances, lighting, and HVAC systems consume less electricity compared to their traditional counterparts. For instance, switching to ENERGY STAR-rated appliances can reduce energy consumption by up to 50%. Similarly, installing a high-efficiency HVAC system can cut your energy use significantly. In a climate like Myrtle Beach, where air conditioning is essential for much of the year, these savings can be substantial."

While the initial cost of energy-efficient upgrades may seem high, the long-term savings on energy bills can provide a strong return on investment. For example, energy-efficient windows might cost more upfront, but they can reduce heating and cooling costs by 12-33%.

Federal, state, and local governments often offer tax incentives and rebates for homeowners who invest in energy-efficient upgrades. These can include deductions or credits for installing solar panels, energy-efficient windows, or upgrading insulation. Check with your tax professional as you are deciding where to invest in your home improvements to make sure you are taking advantage of any tax benefits. 

How do energy efficient upgrades affect resale value?

Energy-efficient homes are increasingly in demand. In fact, for some prospective buyers this is a top priority. Buyers are becoming more aware of the benefits of energy efficiency, not just in terms of cost savings, but also in terms of environmental impact and home comfort. Upgrading your home with energy-efficient features can make it more attractive to buyers, potentially leading to a quicker sale and a better price.

Energy-efficient upgrades can also positively impact the appraisal value of your home because appraisers are now more likely to consider energy-efficient features when determining home value. This means that your investment can increase the overall worth of your property, boosting your home equity for refinancing, home equity loans, and resale value.

Do energy efficient upgrades really make the home more comfortable?

In addition to the financial benefit, homeowners want to know if energy efficient upgrades are actually more functional. Energy-efficient upgrades can help maintain a more consistent indoor temperature, which is crucial in a place like Myrtle Beach with its hot and humid climate. Upgrades such as high-performance windows, improved insulation, and modern HVAC systems ensure that your home remains cool in the summer and warm in the winter.

Modern energy-efficient HVAC systems also come with advanced air filtration systems that can significantly improve indoor air quality. This is particularly beneficial in coastal areas like Myrtle Beach, where high humidity can contribute to mold and mildew problems. Better air quality means a healthier living environment, reducing the risk of allergies and respiratory issues.

What makes energy efficiency worthwhile?

To get a handle on the importance of energy efficient improvements, I reached out to home selling expert Bill Gassett of Maximum Real Estate Exposure. Bill has been a top Realtor for nearly forty years.

"Making the right upgrades in a home is always essential, especially when you consider selling in the future. One of the best approaches to keep in mind is energy-efficiency. In today's modern world potential buyers appreciate Eco-friendly improvements that can save them money. Whether you're buying or selling, saving money while keeping the environment safe is always an excellent goal. 

I had a client who added solar panels to their property several years ago. While living with a decreased energy bill every month was great, they are now reaping further benefits as they sell their home. The system is cash flow positive. The owners do not have an electricity bill and every year they have a $4000-$5000 energy credit. This incredible savings can be passed onto the future owners of the house. It is a win-win for everyone."

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