More buyers are looking for environmental upgrades when searching for a home. A National Association of REALTORS® survey found 68 percent of buyers believe energy efficient appliances were somewhat or very important, while 67 percent of homebuyers said energy efficient lighting was somewhat or very important.
Green homes save money and sell for more. A study conducted by the University of California Berkeley and UCLA found certified green homes sold for 9 percent more than comparable, non-labeled homes.
"Energy upgrades help the resale value of a home. Homeowners will see the financial savings from the beginning," said David Tonna, president of the Silicon Valley Association of REALTORS®. "A home with significant environmental upgrades can see utility bill savings of 20 percent or more. On larger homes, this can add up to hundreds of dollars per year."
Another survey by the California Association of REALTORS® found 94 percent of buyers look for Energy Star rated appliances; 91 percent want an Energy Star rating for the whole home; and 89 percent responded they want to see Energy Star rated windows. Energy Star is a standard for energy efficient consumer products created by the Environmental Protection Agency and the Department of Energy.
An energy efficient washing machine uses 35 percent less water and energy than a regular one. Replacing five light fixtures with high efficiency models can save up to $75 per year on lighting. An Energy Star heat pump water heater can save a family up to $670 annually. A homeowner who goes through the process of sealing the gaps at vents, ducts, and electrical wires can save an average $200 per year.
Here is a partial list of programs that help Silicon Valley homeowners green their homes:
Menlo Park – A $300 rebate for energy assessments is available, and if the homeowner completes the improvements, the city will rebate the full cost of the assessment.
Palo Alto – Palo Alto residents can participate in PaloAltoGreen, where all of their energy will come from sustainable sources. Residents can receive $4 per square foot of removed lawn. The city also provides rebates for purchasing energy efficient appliances.
Santa Clara Valley Water District – Has a variety of rebate programs including financial incentives to replace lawns, replace energy inefficient clothes washers, and more.
FHA – FHA's Energy Efficient Mortgage program helps homebuyers or homeowners save money on utility bills by enabling them to finance the cost of adding energy efficient features to new or existing houses as part of their FHA insured home purchase or refinancing mortgage.
Energy Upgrade California – Provides up to $4,500 in rebates for energy-efficient heating and air-conditioning, energy efficient windows, sealing and insulation, and solar or tank-less water heaters.
PG&E – Offers rebates for energy efficiency and free energy efficient upgrades to income-qualified homeowners and renters.
Bay Area Water Supply and Conservation Agency – Offers rebates to individuals who replace their lawns with water-efficient landscaping, as well as rebates for replacing toilets and washing machines with water efficient models.
The Silicon Valley Association of REALTORS® (SILVAR) is a professional trade organization representing over 4,000 REALTORS® and Affiliate members engaged in the real estate business on the Peninsula and in the South Bay. SILVAR promotes the highest ethical standards of real estate practice, serves as an advocate for homeownership and homeowners, and represents the interests of property owners in Silicon Valley.
The term "REALTOR®" is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribes to its strict Code of Ethics.
Variations of this article have appeared in local area newspapers.
For further information, please email or call the SILVAR office at (408) 200-0100.