Revenue Opportunity: Homeowners Are Willing To Pay For More Environmentally Friendly Remodeling

Homeowners want to update their homes to be more comfortable, safe and energy efficient and will pay to do it the right way.

Across the country, home improvement and remodeling activity is strong. Homeowners are “locked in” place, not willing to move and take on higher interest rates, so they are choosing to focus on home improvements.

The average age of homes also is hitting an all-time high, at more than 40 years old. Homeowners that are staying in place are opting to upgrade for a variety of reasons–some because it’s necessary to function, others are trying to get the home ready to safely and comfortably age in place, while others are trying to create a more efficient home that will absorb rising utility costs.

While undertaking these new home improvement projects, the majority of homeowners have an eye focused on the environmental impact of those projects. More than 40% of homeowners are very or extremely conscious of the impact of their remodeling activities on the environment according to a recent survey from COGNITION Smart Data.

This Green Builder Media ebook on Home Retrofits That Pay their Way offers a deep dive on the projects that are important and the ROI that they have for the homeowner. A new COGNITION Smart Data report also will be out soon with some additional insights on retrofit activity and the homeowner’s sentiment around it.

Homeowners are prioritizing energy system upgrades or add ons during large remodeling projects. Nearly half, 48.5% of homeowners, said that they would choose to upgrade the energy system (solar panels, energy efficient appliances, storage, all electric) first. The HVAC system was second at 27.2%, followed by a healthy home system at 12.4% and water system at 11.9%.

It’s important to understand the value that homeowners are putting on environmentally friendly solutions for their homes and to make sure that is part of what you are talking to them about. Also, this is an opportunity to leverage your green building practices for more projects and better profits.

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