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In recent years, we’ve seen an upward trend in energy costs, with residential electricity prices projected to increase over the coming years1. With this in mind, it’s never been more important to consider energy efficiency in our homes. The average American spends approximately $2,000 annually on energy, with $200 to $400 potentially wasted due to drafts, air leaks, and outdated heating and cooling systems2. An energy-efficient home not only helps conserve energy and reduce these costs, but it also contributes to a more sustainable environment.
One of the key benefits of an energy-efficient home is the potential cost savings. By performing energy efficiency upgrades, homeowners can significantly reduce their energy usage and, in turn, their energy bills. Some typical home energy improvements include:
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Sealing air leaks around floors, walls, ceilings, windows, doors, and fireplaces with caulk, spray foam, and weather stripping.
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Adding insulation to the attic, crawl space or basement, and exterior walls.
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Installing more energy-efficient windows, doors, and skylights, and installing storm windows and doors.
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Installing and setting programmable thermostats.
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Sealing ducts and ensuring they are straight and properly connected.
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Upgrading heating and cooling systems.
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Installing an energy-efficient hot water heater.
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Upgrading household appliances and electronics to ENERGY STAR or ENERGY STAR Most Efficient qualified products.
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Installing energy-efficient lighting.
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Conducting a home energy evaluation is a wise first step to identify how your home consumes energy and what specific measures you can take to improve its energy efficiency2. This could involve a walk-through inspection, use of an infrared camera, a blower door, or other techniques to identify the most effective approaches to upgrade your home.
But the advantages of an energy-efficient home extend beyond cost savings. An energy-efficient home is also more comfortable, as energy upgrades help to maintain a more consistent indoor temperature regardless of the season. Furthermore, such homes contribute to a more sustainable environment by reducing the demand for energy, which is primarily generated from non-renewable sources1.
From a financial standpoint, homeowners can also benefit from tax credits for making energy-efficient upgrades to their homes. The Non-Business Energy Property Credit allows homeowners to claim a tax credit for installing energy-efficient improvements such as windows, doors, skylights, roofs, and insulation, as well as certain high-efficiency heating and cooling equipment. The Residential Energy Efficient Property Credit offers a credit for installing alternative energy equipment, such as solar electric systems, solar water heaters, fuel cell property, small wind energy property, and geothermal heat pumps3.
In light of the rising energy costs, there’s no better time to consider energy efficiency. Not only does it offer potential cost savings, but it also contributes to a more comfortable and sustainable home.