It Pays to Be Green
The 2023 National Association of REALTORS®’ Sustainability Report for the residential sector highlights the consistent demand for energy-efficient features, transcending the North-South or red-blue state divide. The housing market is now standing on the verge of significant transformation. This is driven bby evolving sustainability trends that are reshaping buyer preferences and home construction standards.
Home improvement site, Angi, asked homeowners about their major investment plans for the next five years. The Angi survey showed a growing interest in new projects, such as heating and cooling system upgrades and the installation of solar panels, with traditional projects such as bathroom remodeling and basement refinishing remaining popular. It was found that a ratio of 1 in 3 homeowners is considering solar panel installation, and 1 in 4 is planning a heating and cooling system upgrade.
According to the National Association of REALTORS, New building codes aimed at enhancing energy efficiency and reducing household energy consumption have also had an impact on market transformation.
Between 2006 and 2015, newly constructed residential buildings saw a nearly 30% improvement in energy efficiency due to updated building code requirements, according to the U.S. Department of Energy’s Building Energy Codes Program. Since 2009, almost every state has updated its building codes, contributing to significant reduction in energy usage. (See energycodes.gov/infographics).
