High-ROI Energy-Efficient Upgrades That Lower Utility Costs While Adding Value to Your Home
When energy bills are increasingly on the rise and homeowners are thinking about upgrading, there are many factors to consider. Is the investment worthwhile? Will it add value to my home? How much can be saved on utilities with the purchase of energy-efficient upgrades? Does this upgrade qualify for a tax credit? We will address those questions and many more here.
Adding Insulation Can Equate to Big Savings
Adding fiberglass insulation costs an average of $1300 that can add as much as $300 to the resale value of the home. Those not planning to sell can expect as much as $200 in savings annually in heating and cooling expenses by making this simple air sealing and insulating improvement. Not only will occupants feel more comfortable, but residents will enjoy a bit more sound protection from activities occurring outdoors.
The use of appliances tends to account for about 15 percent of the average American home's energy consumption. When choosing Energy Star appliances, the savings are practically a given. For example, just buying a new clothes dryer can save homeowners as much as $250 over the machine's lifespan. The savings will increase with every device you replace with an energy-efficient one.
Changing the HVAC System
The heating and cooling system in a home accounts for about 43 percent of the annual energy bill, according to the Department of Energy. Replacement can be costly depending on the system, as it's likely to cost several thousand dollars. The perk is, however, that many states are offering tax credits for new HVAC installations.
That being said, be sure to have your air ducts checked for leaks while having a new system put in. Better yet, have them checked prior to replacement, as they might be the originating source. A duct test typically costs anywhere between $200 and $350 for an inspection.
Replacing the windows in a home varies widely in cost and depends on how many windows there are and the type and style that are being replaced. On average, it can cost anywhere between $5,000 and $20,000.
While this investment can take many years to recompense overall, there are savings to be had each month when those utility bills roll in. Furthermore, it is estimated by Energy Star that installing ‘certified' windows, skylights and doors can reduce energy expenses by as much as 15%.
Installing Solar Panels
We are fortunate that the sun can provide us with energy. However, the average person relies on circuit-based grid electricity and might pay a hefty bill each month. The truth is, at this time, the only way to get ‘off the grid' is to install solar panels. They will cost a pretty penny, and the average solar panel systems costs around $12,000 - $35,000 depending on the location of installation. But the investment in solar is a wise one, as there will never be a power outage that you cannot sustain through.
Making the Right Choice May Require a Pro
There are a number of amazing home upgrades that can be made to not only reduce your carbon footprint and increase your return on investment, but will ease your life while increasing comfort. Get a home energy assessment from a professional to help determine what will save you the most while giving back ultimately.