Latest news with #EnergyEfficientHomeImprovementCredit
Time Business News
19-06-2025
- Automotive
- Time Business News
Eco Home Upgrades That Boost Property Value Fast
Planning a renovation to increase the value of your home? Instead of concentrating on big-ticket projects like the kitchen or bathrooms, consider upgrades that fare well on the eco-friendly barometer. Yes, a well-manicured lawn or modern exterior features are great for curb appeal, but buyers are looking past aesthetics. They're asking a crucial question: 'How eco-friendly is this home?' From solar panels to Tesla charger installation, green features are the new gold standard for homeowners wanting to boost value and appeal. And the numbers don't lie. Eco upgrades help the planet and provide an attractive return on investment. More homebuyers are prioritizing sustainability. The National Association of Realtors reports that 63% of buyers stated energy efficiency had a significant impact on their purchasing decisions. Climate concerns, rising utility costs, and a push toward green living make eco upgrades more than a luxury. 'Today's buyers want homes that align with their values,' says Homestead Funding. 'They're willing to pay more for homes that save money and reduce carbon footprints in the long run.' Below, we'll break down the top green upgrades that can increase home value and why they matter to modern homeowners. Electric vehicles (EVs) are no longer niche products. As of 2024, over 3 million EVs are on U.S. roads, and the number is rapidly growing. Installing a Tesla home charger or other EV-compatible wall connector is a small change that packs a big punch. It makes your home future-ready and attracts eco-conscious buyers seeking convenience. ChargerPro explains that a garage with a dedicated Tesla charger signals innovation, energy awareness, and high-end functionality. Bottom line? A $1,000-$2,000 purchase could help your property stand out and sell faster. Bring in the experts and an electrician to set up an electrical panel with wiring, so you have easy access to charge your EV. Swapping old, drafty windows with insulation improves comfort and slashes energy bills. ENERGY STAR estimates homeowners can save up to $465 annually by upgrading to energy-efficient windows. Your home is cheap to run and more appealing to buyers who want long-term savings. Improved insulation and windows sometimes qualify for federal tax credits through the Energy Efficient Home Improvement Credit. In our books, that's a win-win for your wallet and resale value. Solar energy has gone mainstream. A rooftop solar setup can boost your home's value by 4.1% on average, according to Zillow. The return on investment is roughly $15,000 on a $375,000 house. Buyers are increasingly drawn to solar-ready homes because they have the dual benefit of lower electricity bills and long-term energy independence. Thanks to incentives like the federal Residential Clean Energy Credit, the upfront cost is more manageable. Eco-friendly doesn't have to mean complicated. Simple upgrades such as smart thermostats, low-flow toilets, and ENERGY STAR-certified appliances are low-effort ways to make your home greener. The U.S. Department of Energy claims that smart thermostats can cut heating and cooling costs by up to 10% annually. These small touches signal to buyers that your home is modern and mindful. There's a huge demand for turnkey, nature-friendly homes. Milend highlights that homes with green certifications and upgrades sell faster and closer to the asking price. This is particularly true in markets where buyers are younger, tech-savvy, and climate-aware. Zillow found that more than 70% of millennial and Gen Z homebuyers are willing to pay a premium for eco-friendly features. A 2024 survey cited by the Wandsworth Guardian showed that homeowners now rank eco upgrades higher than traditional 'value boosters.' Kitchen remodels or bathroom makeovers are no longer the deciding factors. Why? Solar panels, EV chargers, and upgraded insulation equate to ongoing financial benefits. When the time comes to list your property, these upgrades become compelling selling points. Many real estate listings now emphasize 'EV charger installed' or 'solar-equipped' in the first few lines. You don't have to go off the grid to increase your home's value. Here's a simple roadmap: A home energy audit identifies where you're losing energy and money. Many utility companies offer them free or at low cost. Focus on insulation, windows, and HVAC systems first, then layer in smart tech features. Check out for federal and state tax breaks. Many upgrades qualify for rebates, which can lower your out-of-pocket costs. Eco upgrades are no longer environmental add-ons but a smart financial move. Each step toward a greener home increases curb appeal, reduces long-term costs, and positions your property for a stronger resale. TIME BUSINESS NEWS
Yahoo
02-05-2025
- Business
- Yahoo
Illinois woman slashes heat bill, got back $1.2K with popular tax credit — but there's ‘a risk' it'll go away
As homeowners, we've all likely been hit with a crazy high utility bill during peak winter and summer. In fact, U.S. households recently faced average natural gas bills of $602 per month during the past winter. You can cut those costs by retrofitting your home with efficient upgrades, like adding insulation, sealing gaps and heat pump water boilers. Fortunately, a federal tax credit might help offset those expenses. I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 5 of the easiest ways you can catch up (and fast) Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how Nervous about the stock market in 2025? Find out how you can access this $1B private real estate fund (with as little as $10) That's exactly what worked for Megan Moritz, a Chicago homeowner who recently received a tax break after upgrading her home for better energy efficiency. After purchasing her 1930s dream home, she soon learned it came with all the 1930s-era insulation problems. Moritz spent around $5,700 on retrofits and saw a big payoff: a much warmer house and a heating bill slashed in half. 'The biggest perk to me, honestly, was not freezing my butt off,' Moritz told CNBC. 'Then it was the monthly bill going down as much as it did.' Even better, she was able to claim those expenses on her taxes, which gave her a $1,200 credit. That financial relief made the investment even more worthwhile. This tax break — called the Energy Efficient Home Improvement Credit — is used by millions of homeowners to insulate drafty homes or upgrade to energy-efficient appliances. It's a part of a broader push to cut greenhouse gas emissions and prevent another 1970s-style energy crisis. While upfront costs can be a barrier, the credit helps by covering up to 30% of the cost of eligible projects. The extremely popular tax credit, which American homeowners claimed $8.4 billion of in 2023, has been extended through 2032 by the Biden administration's Inflation Reduction Act. But for those planning future upgrades, its lifespan may be threatened by the Trump administration, which has pledged to cut IRA spending. As Republicans search for ways to fund a $4 trillion tax cut package, the home improvement credit could be at risk. Freezing IRA funds was one of Trump's first executive orders for this presidency. 'There is a risk in the current budget bill that these credits would be changed or go away completely,' said Haas Energy Institute economist Lucas Davis, who has written on the history and use of the energy credit. A group of congressional Republicans is siding with Democrats to keep the credit alive. With slim margins of Democrats to Republicans in both the House and Senate, it may still have a fighting chance. If the federal tax credit does get slashed, check whether your state or local government offers energy rebates. The Department of Energy provides a rebate search tool, and the NC Clean Energy Technology Center maintains an online database of state energy incentives. Read more: This hedge fund legend warns US stock market will crash a stunning 80% — claims 'Armageddon' is coming. Don't believe him? He earned 4,144% during COVID. Here's 3 ways to protect yourself Whether or not you're able to get the energy tax credit, making energy-efficient upgrades to your home is good for the environment and your wallet. If you're like Moritz and live in a house that's nearly 100 years old, there are several ways to improve energy efficiency without compromising its historic charm. Insulation: Attic insulation is often a high-priority, yet cost-efficient upgrade for older homes. It can lower heating and cooling costs by 15%, and it's generally easier and more affordable to install than wall or floor insulation. Upgrade your furnace or boiler: In older homes, the heating system may also be outdated. Replacing it with a 95% efficiency model could save you up to $525 per year. You might also save $300-800 annually on parts, repair and boiler maintenance by upgrading to a newer system. Start small: If big-ticket improvements aren't in your budget right now, start with low-cost changes — like switching to LED lighting, gradually upgrading to ENERGY STAR appliances and using power strips to reduce phantom energy use when electronics are idle. Energy audits: Many utility companies and local governments offer free or discounted energy audits. These professional evaluations help identify areas of energy waste and provide a plan for increasing efficiency. Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan 'works every single time' to kill debt, get rich in America — and that 'anyone' can do it Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? This article provides information only and should not be construed as advice. It is provided without warranty of any kind. Sign in to access your portfolio
