When making upgrades around the house it is inevitable to think about added values associated with a project. Will adding on a deck attract buyers down the line? How much will a fresh coat of paint decrease the time my home takes to sell?
Energy efficiency projects are certainly captured by the same thought process. Aside from the immediate and long term savings from offsetting energy consumption, there is also an increased value you can look forward to when selling the home.
Take, for example, investing in a geothermal heat pump system. After installation you can immediately expect a 30% tax credit for the cost of your system and a reduction in heating bills by about seventy percent. Sounds pretty good. On top of that over the next thirty years an average size home will save over $100,000 (larger homes can expect over $250,000 in savings) in utility costs. But not only do you save money on bills that you can use to help with the mortgage or use to take the family on vacation, you have also added a 3-5% premium to the price tag of your home.
But don’t take my word for it. To understand realty market trends we look towards experts such as Sotheby’s International Realty. This trusted realty company has their fingers to the pulse when it comes to pricing and selling homes in the Big Sky, MT and Jackson, WY. Click here to access a post by Sotheby’s that delves into energy mitigation credits and sustainability measures that add value to homes in the Jackson, WY and Teton County realty market.
Bottom line: Making energy efficiency improvements to the home that will reduce energy expenditures are very valuable long term investments. Buyers in this era will seize the opportunity to invest in a home with heating bills that are 70% lower than a similar home right down the street. Think about geothermal heat pumps as you plan the next home improvement project.
