As human-caused climate-change continues to increase or worsen severe weather events, more homeowners are choosing to live in green buildings to help reduce their environmental impact. Because most home energy sources come from burning fossil fuels, increasing energy efficiency should be top of mind when considering home improvement projects to reduce your carbon footprint.
We recently discussed several home improvement projects like roofing and new windows or doors that can boost curb appeal while decreasing energy losses from leaks. Now let’s discuss how the most significant way to reduce your environmental impact is by focusing on the two systems that demand the most energy to operate your home.
Upgrading to an Energy Efficient HVAC
The biggest single source of energy consumption comes from heating and cooling your home, which can account for up to 42% of energy use. There are several steps you can take on your own to increase the efficiency of your heating, ventilation, and air conditioning (HVAC) system, but there is no substitute for regular maintenance from a professional HVAC technician.
If your HVAC is 10 years or older, it may make sense for you to replace the entire system and can expect to pay between $5,000 and $12,500. The cost will vary depending on factors like the size of your home, how much work is required, the location of the unit, and the type of unit.
Get an estimate by consulting with one of our registered contractors!
If you’ve had to call in an HVAC professional multiple times for an older unit, the cost of replacement could be comparable. By updating your home with a more efficient HVAC system you can improve the comfort of your home while lowering your carbon footprint – a win-win for your family and environment.
Replacing Your Old Water Heater
The second largest source of energy consumption in a home comes from the water heater, which can account for up to 13% of energy use. If your energy bill starts to rise you may feel tempted to take some common measures like turning down the thermostat, cutting your showers short, and regular maintenance to help save.
Proactive maintenance can only help so much if your water heater has passed its life expectancy of 10-15 years. When your water heater stops working the urgent repairs needed can cost under $600 on average, but more intensive repairs can cost upwards of $1,300. The cost to replace a frequently malfunctioning water heater with a newer energy efficient model can range between $1,000 and $3,000.
Having an energy efficient water heater installed is one of the more affordable ways to provide your family with dependable comfort while lowering energy use and reducing your environmental impact.
Financing Energy Saving Systems
If you’re ready to make energy efficient upgrades to your home but are having trouble qualifying for traditional financing, you may want to consider the Property Assessed Clean Energy (PACE) financing program. Approval for PACE financing is not based on a FICO credit score. Instead eligibility is determined by mortgage and property tax payment history, income, and whether the property is located in a participating PACE community, etc.
There are no required up front payments, so homeowners can finance 100% of their projects with features like:
- Competitive fixed interest rates
- Financing up to $250,000
- Payment terms up to 30-years
- Robust consumer protections
Wondering if your next home improvement project qualifies for PACE financing? Call us at 844-736-3934 for a no obligation consultation!
Important Disclosures
PACE financing is subject to approval. Underwriting requirements and restrictions apply. PACE financing is secured by a lien on the subject property and often required to be repaid upon refinance or sale. PACE financing is private financing that must be repaid in full. PACE financing is not a government subsidy. Renew Financial Group LLC, a Delaware limited liability company (Renew Financial), is a private company and not a government entity. The installation or construction of property improvements financed with a PACE assessment is provided through an independent third-party home improvement contractor or other third-party provider, and not by Renew Financial or a government entity. Homeowners should perform due diligence before selecting a home improvement contractor or source of financing. Financing provided in California through Department of Financial Innovation and Protection License No. 60DBO-90653.
All content provided on this blog is for informational purposes only. Renew Financial makes no representations as to the accuracy or completeness of any information found by following any link on this site. Renew Financial is not a financial or home improvement advisor and information contained in this post should not be viewed as legal or financial advice.
