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Energy Efficiency in the Housing Market NAR Research Arun Barman.

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1 Energy Efficiency in the Housing Market NAR Research Arun Barman

2 Overview Putting residential energy consumption in perspective Review of home buyers preferences in terms of energy efficiency Differences in energy usage – Age and size of homes – Regional variation Factors affecting implementation of upgrades – Home values and expected tenure – Payback period – Government tax incentives

3 Residential Energy Consumption in Perspective Source: Energy Information Administration / Annual Energy Review 2009

4 Home Buyer Preferences Source: NAR 2010 Profile of Home Buyers and Sellers

5 Energy efficiency per square foot better for newer homes, but homes are getting bigger Source: 2005 Residential Energy Consumption Survey

6 Regional Variations in Energy Consumption Source: 2005 Residential Energy Consumption Survey

7 Share of annual energy expenditures spent on heating and air-conditioning by region Source: 2005 Residential Energy Consumption Survey

8 Annual Energy Costs Per Year Source: 2005 Residential Energy Consumption Survey

9 Annual Energy Spending: Top Four States Source: 2005 Residential Energy Consumption Survey

10 Does it make sense to retrofit homes? According to the Profile of Home Buyers and Sellers (2010), the median tenure of sellers was 8 years. The decision to upgrade has several components – Piece of mind (satisfaction people have from being environmentally friendly) – Savings while occupying the home (if the payback period for the upgrade is less than the anticipated tenure in the home) – Resale value (some upgrades may have a higher resale premium than others, though more research is needed in this area)

11 Payback period Added cost of upgrade =Payback period in years Estimated savings per year

12 Sample payback periods Northeast Source: Energy Efficient Rehab Advisor

13 Compare that to the West region Source: Energy Efficient Rehab Advisor

14 Sample Payback periods for retrofits Source: Energy Efficient Rehab Advisor

15 Choice of “green” retrofits are not only made by consumers Geography and age of home matter Government incentives – Government rebates and tax credits for certain types of upgrades “Cash for appliances” – Energy Star program Feasibility of projects – DIY Projects vs. Larger Projects (i.e. programmable thermostat vs. window replacement) – Contractors who do green remodeling may or may not be available at reasonable cost in your market area

16 Links and Contact Information For more information: – NAR Research (http://www.realtor.org/research)http://www.realtor.org/research My – Department of Energy (http://www.eia.doe.gov/)http://www.eia.doe.gov/ – American Housing Survey (http://www.census.gov/hhes/www/housing/ahs/ahs.h tml)http://www.census.gov/hhes/www/housing/ahs/ahs.h tml – Energy Efficient Rehab Advisor (http://www.rehabadvisor.pathnet.org/)http://www.rehabadvisor.pathnet.org/


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