Is your energy efficiency home worth more than an inefficient home? That is a question that has been raised among home owners, real estate brokers, and appraisers over the last few years, as energy efficient homes have grown in popularity. Several studies throughout the country indicate that properties with an energy efficiency certification placed on a “green” Multiple Listing Service (MLS) sell faster or for a premium in the market place. However, a study has not been conducted locally to see if this trend applies to Colorado.
With the recent accomplishment of having 90% of the homes in Colorado covered by a “green” MLS, the CEO's next step to commission valuation case studies. The studies seek to answer several different questions, but ultimately will show whether there is or is not an emerging trend of energy efficiency demonstrating value during the home buying process. If the results show that energy efficient home sell faster or for a premium, a home owner will have another reason to retrofit their existing home. Added value combined with a more comfortable home and lower utility bills, the two most cited reasons for energy efficiency upgrades, could potentially lead to a growth in the market.
The Colorado Energy Office is conducting its first valuation studies this fall. The CEO is working with researchers and appraisers to develop a credible study that can help answer the question, is my energy efficient house worth more?
Check back in June of 2013 for the first results of these studies.