by Jodi Summers
Didja know? The residential sector accounts for 33% of electricity consumption in the U.S. ? we spent $166 billion on electricity in 2010. Saving money on electricity is what this story is all about. A new study has revealed that not only do green homes lower electric bills, having a green certified home adds 9% to its appraised sales value.
The study, conducted by California state university professors, concluded that homes labeled with Energy Star, LEED or Greenpoint Rated (California?s label) sell for a premium of 9% compared to average similar homes. In Los Angeles County, the sales price of homes and after they got green certification showed a price rise of 5.5-9%.
?Green upgrades aren?t usually tracked as home features on real estate listing services, which makes it challenging for appraisers to determine the monetary value of the upgrades,? shares appraiser Debra Little. ?We ultimately determined that the many benefits of green homes do lead to higher home values in the local market.?
The study conducted a pricing analysis of all 1.6 million single-family home sales in California from 2007-2012, controlling for all other variables that typically influence selling price, such as location, size, age and amenities. Research revealed that the average sales price of a non-certified California home is $400,000. Green certification raises the price by more than $34,800.
Green is most coveted in areas of California that have the highest sales of hybrid cars. People will pay more to buy a house that?s green-certified because it fits their values.
They also found premiums to be higher in the hottest parts of the state; people believed that homes with green certifications would stay cooler without more energy costs.
The study is the first rigorous, large-scale economic analysis of the value of green home labels in California.
An interesting conclusion is that the sales premium is greater than the cost of the green features. ?The study found the most common green features are insulation and air sealing of attic and walls, weather stripping and efficient HVAC ? none of which are particularly expensive.
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http://www.sustainablebusiness.com/index.cfm/go/news.display/id/23886?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+SBGeneralNews+%28SustainableBusiness.com+General+News%29
http://www.nilskok.com/2012/07/greenhomes.html
http://www.socalgreenrealestateblog.com/?p=2343
http://www.pdginc.com/images/home/GFK_ladybug.jpg
http://www.roomidea.net/wp-content/uploads/2011/11/Green-House-Interior-RainShine-House.jpg
http://msnbcmedia2.msn.com/j/msnbc/Components/Photos/2005/August/050825/050826_solarHouse_hmed.grid-6?2.jpg
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Source: http://www.socalgreenrealestateblog.com/?p=2343
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