Investing in an energy efficient home improvement has never been more important. We all want to do our part for a clean environment and energy efficient upgrades help reduce our carbon footprint. But some people feel held back by the upfront investment needed to make repairs or enhancements, even though they tend to increase property values.
At Carolina Trust Federal Credit Union, we offer low-rate Smart Home Loans of up to $25,000, so our members can make energy efficient home improvements that lower utilities, reduce emissions, and raise property values. We hope the following 10 cost-effective tips prove helpful.
1: Have an Energy Audit Performed
Having an expert perform an energy audit on your home removes much of the guesswork. The inspection identifies elements of your home that are suffering energy losses. Whether they involve air gaps or outdated products, energy loss equals higher utility bills and a greater carbon footprint. The information you gain from an energy audit can be used to target the most inefficient areas first.
2: Replace the Roof
The average roof replacement delivers a return on investment of above 65 percent. Depending on the property, roof design, and energy efficiency rating, homeowners can see their property values soar even higher. But what makes a new roof even more attractive is the fact utility bills decline in conjunction with emissions. By using Energy Star shingles, your roof could experience a surface temperature reduction of up to 50 degrees during the hot-weather months.
3: Switch to Energy Efficient HVAC System and Smart Thermostat
The U.S. Department of Energy recommends replacing an HVAC system between 10 and 15 years. At this juncture, the unit tends to decline enough that homeowners are spending an unnecessary amount of money to keep their climate controlled.
A new HVAC system can promptly reduce energy costs by approximately 20 percent each month. By adding a Smart thermostat to the system, you will be able to control the temperature and energy usage from a phone app. Instead of wasting energy or turning around to reset the thermostat, you can tap on your phone and save money.
4: Add Smart Leak Detectors
The use of smart leak detectors is gaining traction among residential and commercial property owners. These devices monitor the flow of water in a plumbing system and send an alert when pressure makes an unusual dip or spike. They also provide an accurate reading of your home's PSI. A relatively modest investment in smart leak detectors allows homeowners to adjust water pressure and reduce waste. The device also lets you know when to call a plumber before a flood occurs.
5: Add Solar and Motion-Detection Lighting
In terms of energy efficiency, adding solar and motion-detection lighting is commonsensical. When an outdoor light runs continuously, it wastes electricity. The unnecessary use of energy also expands a home’s carbon footprint. Investing in lights that are triggered by movement is a reliable way to illuminate your driveway or grounds only when needed. By that same token, switching to one of the advanced solar energy lighting systems eliminates electricity usage from your utility bill altogether.
6: Replace Windows
Having replacement windows ranks among the big-ticket home improvements. Energy Star-rated windows also deliver a return on investment from 68 percent to as high as 85 percent. U.S. News and World Reports estimate a high-quality window replacement can trim upwards of $600 off your utility bills annually. Given the fact that well-crafted windows enjoy a life expectancy of more than 20 years, homeowners can anticipate recovering their full investment over time.7: Choose Energy Star Appliances
For a product to earn the Energy Star label, it must be tested and proven to possess energy efficient value based on standards articulated by the U.S. Environmental Protection Agency after an impartial analysis. Then, the product is put through this rigorous process a second time for confirmation.
It’s also important for homeowners to know that Energy Star appliances cannot trade efficiency for lower power usage. By selecting Energy Star appliances, you are getting high-quality products that use the minimally needed about of electricity and fuel
8: Add Insulation
Few property owners realize attic and other insulation lose their potency over time. But home insulation typically requires replacement every 20 years. The EPA estimates that installing new insulation in your attic and crawl spaces can reduce energy usage by an average of 15 percent. These savings go directly to heating and cooling costs that comprise between 50 and 70 percent of a home’s energy usage.
9: Invest in Solar Panels
Solar panels are fast becoming a lucrative investment for homeowners in sunny Southern states. The average cost of a residential solar system runs between $13,000 and $20,000, depending on the installation. The federal government also has a 30-percent tax credit in place that can greatly reduce the overall cost.
Adding to the financial incentives, a robust solar system can reduce the energy cost of a single-family home by as much as $1,500 annually. When you subtract the tax credits and savings, this may be the perfect energy efficient improvement to fund through a low-interest Home Smart Loan.
10: Landscaping with Trees
Sometimes the simplest solutions are among the best and that holds true for landscaping with trees. Placing shade trees to shield your home from intense summer sunlight lowers roof temperatures and the cost of air conditioning. If you are considering using this age-old cooling strategy, the Red Maple, Weeping Willow, and Bald Cypress, are among the fastest-growing shade trees in South Carolina.
Finance Your Energy Efficient Upgrades with CTFCU
With all these great energy-efficient upgrades available for you to choose from, you may find yourself in need of financing. CTFCU offers Home Smart Loans that cater to home improvement projects like the ones mentioned above. With low rates, flexible terms, and even an option to defer your first payment, CTFCU makes getting your home up-to-date easy and stress-free. If you have questions please feel free to contact us today!
For more energy-efficient home improvement options along with how to finance them, review our "Home Improvements Made Easy: Your Complete Guide to Using Home Improvement Loans the Right Way".
