Electrifying A Home Can Pay Off in 2024
This is the second installment of Bob Vila’s Most Valuable Projects of 2024, a month-long series showcasing high-ROI home improvements focused on water conservation, electrification, home health, and resiliency. Each week, we draw from our extensive library of informational content, vetted shopping guides, and industry professional connections to present primers on the top projects to undertake this year.
According to Bob Vila, investing in an electric vehicle, converting an old gas furnace to an electric heat pump, and replacing gas-powered appliances with their electric counterparts can have a positive impact on your environmental footprint. But, even more than that, these electrification upgrades can add value to your home, reduce your tax bill, decrease your monthly utility bills, and more.
In fact, according to a study by Freddie Mac, energy-efficient homes sell for about 3 percent more than their less energy-efficient counterparts. Building trends are also moving towards electrification. In a survey conducted by the National Association of Home Builders, one in four respondents shared that more than half of the homes they build are all-electric. If you’re ready to learn more about increasing your home’s value and saving money on taxes and utility bills, read on to discover some key electrification upgrades to consider.