Updates that improve a home’s energy efficiency are primed to surge in 2023. The reason is twofold: First, these home improvements reduce energy and utility bills – offering a much-needed reprieve during times of high inflation.
Second, there’s the Inflation Reduction Act to think about. The legislation passed in August offers up a slew of tax credits and other incentives for Americans who go green, so many will be looking to capitalize on these money-saving opportunities before they run out.
As U.S. News reports, those looking to increase their home’s energy efficiency, experts say the options run the gamut. Some homeowners will opt for better insulation, better windows or smart thermostats, while others will choose to install electric vehicle chargers or solar panels. In the last year, Thumbtack alone has seen a 33% spike in solar panel installations booked through its platform.
“A typical electric bill for our house was $350 per month, and after installing solar panels, it’s now down to $18 month,” says Victor Body-Lawson, founding principal at architecture and planning firm Body Lawson Associates in New York. “Plus, there are federal and state incentives now, as well as new tax incentives, which reduce the upfront cost of solar power and other similar projects.”
Homeowners will also move to reduce water consumption in the new year, too. This can be done by installing low-flow toilets and showerheads or through careful landscaping changes, like swapping traditional grass lawns for xeriscaping or native plants.
“Grass lawns require a significant amount of upkeep and maintenance in the form of watering, mowing, fertilizing, aerating and weed control, which all adds up very quickly,” says Duncan Cruickshank, pre-design operations manager at online landscape design company Yardzen. “The same goes for water-guzzling plants that require significant water usage to keep them looking good.”
In the last year, Yardzen has seen a 66% increase in requests for lawn replacements, according to its CEO Allison Messner. “We expect this number to be even higher in 2023,” she says. If you’re worried about paying for these updates, check with your city. There’s a chance they may be able to help offset them at least partially.
“Many governments and municipalities in drought-prone regions offer incentives for installing drought-tolerant landscaping,” Cruickshank says. “From lawn removal rebates to rebates for swapping in water-saving equipment, it’s always worth checking out your local municipalities and adjacent organizations and agencies that might bring down your costs.”
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