From New York to California, home builders are starting to see that the future of renewable energy is bright and getting brighter every day. But, it is not just homeowners who are reaping the benefits of this technology. Solar power in new construction is also beneficial to the contractors who are building the structures.
5 Reasons Contractors can’t Ignore Renewable Energy Projects
1) Solar Houses Sell at a Higher Price
Green construction has become more attractive to buyers, because of America’s growing focus on environmental friendliness. Today, solar power will often increase the value of a home, helping it fetch a premium price on the housing market.
In fact, a report by the Institute for Market Transformation and the District of Columbia’s Department of Energy and Environment found that homes equipped with green features sell at a 3.46 percent higher price than houses without those extras.
Another study found that homeowners were willing to pay about $15,000 more for a house with renewable technology.
2) Renewable Projects Sell More Quickly
Some studies indicate that homes with renewable resources spend less time sitting on the market.
As the technology has become more affordable to customers, demand has sharply risen. Today, homes with solar features are moving quicker than ever because there aren’t as many of them available.
The National Renewable Energy Laboratory found that homes with solar features sold 20 percent faster than others in the same neighborhood.
3) Solar Power Produces Savings
Renewable energy projects help home builders deliver savings to their clients. Once installed, solar power can cut a homeowners’ energy bill to next to nothing.
Solar technology itself has become much more affordable to install than it was previously. Today, it’s about 20 percent less expensive to install solar panels during new construction than to add them after the fact.
Even though upfront costs remain significant, solar will more than pay for itself over time.
4) Government Incentives are Available
Many U.S. states have programs and processes in place that encourage the use of renewable energy.
Once construction is completed, homeowners may be eligible to benefit from incentives, like Federal and state tax credits and utility rebates.
5) Solar is a Popular, Evolving Technology
Solar technology is a fast-growing segment of the home building industry. Recent innovations have made solar features more powerful and aesthetically pleasing. As renewable energy becomes more popular, it is likely that the technology will become even more efficient and cost-effective.
Today, green houses aren’t just for hippies. Home buyers of all types are choosing to go green, making solar energy one of the hottest segments of the home building industry.