Energy Efficient Upgrades Worth the Investment

There are many home renovation projects and upgrades which can make a home more comfortable for homeowners. However, the return on investment is not equal across the board and may even differ depending upon the community in which the energy efficient home resides in. With all of the talk out there, Canadian homeowners are hard-pressed to decide which energy efficient upgrades are truly worth their time. One constant for Canadian homeowners is paying those utility bills, which can cost up to $2,234 any given year. Which projects may serve to cut those regular energy bills and potentially boost home value?

There are more eco-friendly homebuyers than ever before for homeowners that choose to take on projects to improve their energy use. Understand which energy efficient upgrades may provide a high ROI today.

Where Can Canadians Get More Information?

Canadians may want to look for additional information on Energy Efficient Upgrades through their provincial governments. Rebates and incentives may make initial costs lower for owners and make for a higher ROI on many simple energy efficient projects. Rebates for energy efficient tankless hot water heaters, insulation and windows are available for those residing in Alberta. Homeowners may get as much as $3,500 back in rebates for specific products. Be aware that it may be necessary to work with a listed contractor to qualify for the rebate. Remember to inquire about any necessary permitting before upgrading a home. Homeowners can find more details on permits from the Canada Mortgage and Housing Company and their area's homebuilder's association.

Which Upgrades Sell Well?

When deciding how to make your home more energy efficient, consider first those upgrades that translate to a higher ROI. Some energy efficient upgrades may get homeowners a return of 50 per cent or higher. Some homeowners may anticipate an average recovery rate closer to 61 per cent, according to one survey. Survey participants believed energy efficient upgrades which gave them a "significant" positive impact in terms of ROI included:

• Insulation;
• High efficiency windows; and
• Improvements in heating systems and heating system efficiency.

The installation of more efficient hot water heaters may not provide a significant return when it comes to the feedback from RENOVA participants but they can save money for homeowners while living in a home. Other homeowners surveyed by the National Association of Home Builders shared information that demonstrated home energy efficiency to be a leading factor influencing a home purchase decision.

Increasing costs of traditional energy sources may be serving to drive interest in more efficient energy consumption and lower energy bills, which may improve conditions when selling a home. Those renovations deemed to be the most popular in Canadian homes are energy efficient doors and windows. Other upgrades may provide a more significant ROI over the long-term, as with energy efficient windows.

Improve Energy Efficiency in Your Home

What is energy efficiency? Both older homes and new construction homes can be made more energy-efficient. Air sealing and improved insulation materials can help Magrath Heights homeowners stay comfortable for a fraction of the cost of their current energy bills. ROI of a home renovation project may be influenced by the project, the quality of the renovation and how important the upgrade is thought to be when a home comes to the market.

Which label indicates that an appliance is energy efficient? ENERGY STAR is the most common, indicating high efficiency products in both the US and Canada. To get an idea of the range of energy efficient ENERGY STAR products available, such as lighting options, refrigerators, washer and dryers, furnaces or water heaters, visit the Natural Resources Canada website. Keep all home efficiency products in good working condition to get optimal value for an upgrade.