Homeowners that want to go green should consider energy-efficient renovations. Using less energy will minimize your carbon footprint, which minimizes your negative impact on the environment. The less energy you use, the smaller your footprint will be.
Energy-efficient renovations aren’t just a good way to make your home greener—they can make your bank account greener, too. Read ahead to find out why these renovations are excellent financial investments:
Saving Energy Costs
A report from the Financial Accountability Office predicts that hydro bills will continue to increase in cost by 2% every year. If you’re concerned about these hydro bill hikes, you should consider investing in some energy-efficient renovations. These will lower your energy consumption and, in turn, shrink your bills.
One energy-efficient renovation that could help is upgrading your old, drafty windows. Drafty windows let air leak into your rooms, which encourages you to use more energy on heating/cooling throughout the year. They’ll make your rooms colder in the winter, which forces you to turn up your furnace, and they’ll make your rooms hotter in the summer, which forces you to crank up your air conditioning.
You can stop the drafts from getting through your windows by replacing them. Go to a manufacturer and installer like Centennial Windows for your replacements. Why? They were the first window manufacturer and retailer to qualify for Natural Resources Canada’s ENERGY STAR Program. They have a complete line of ENERGY STAR certified windows that have energy-efficient features like low-emissivity glass, argon gas and UPVC frames. These should stop air leaks from entering through your windows and disrupting your indoor temperature.
What other renovations can lower energy bills?
- Adding insulation to the walls
- Sealing air leaks around ductwork
- Sealing air leaks around electrical outlets
- Sealing air leaks around recessed ceiling lights
- Installing a smart thermostat
- Installing energy-efficient entrance doors
- Upgrading to a tankless water heater
Getting High ROIs
Return on Investment (ROI) is a common real estate term that measures how much profit you can get from a renovation/home improvement when you decide to sell your home. A renovation with a high ROI will increase the value of your home upon appraisal, which should give you a higher profit once it sells. So, the right renovations will increase your home’s value and put more money in your pockets. At the very least — you’ll earn back as much as you spent on the projects.
Plenty of energy-efficient renovations have high ROIs. For instance, RE/MAX lists upgraded vinyl windows as one of the renovations with the biggest ROIs. Upgrading your roof and entrance doors can also yield significant returns, all while improving the insulation in your house.
Cutting Costs of Renovations
If you’re worried about the initial costs of these renovations, you should know that the government encourages these investments by offering grants and rebates. One grant that you can try to apply for is the Greener Homes Grant, which offers up to $5,000 for eligible retrofits.
These are some of the retrofits the grant can be used for:
- Home insulation
- Air sealing
- Windows and doors
- Space and water heating
You don’t have to take the full brunt of the costs for energy-efficient renovations. See whether you can get some government funding before you plan them.
Energy-efficient renovations can save you money with bills, make you money with ROIs, and get you funding with government grants. All in all, they’re great financial investments.