It goes without saying that homeowners want to make the right decisions when upgrading their homes – especially when it comes to improvements that promise energy efficiency.
The altruism of saving energy aside, many homeowners want to get a return on their investment (there’s nothing wrong with that!). Yet, it can be tough to figure out how long you’ll need to wait to recoup your costs — or if it’s worth upgrading at all.
But, you might be surprised how quickly some investments pay you back. Here’s the turnaround time on five common energy-saving upgrades.
One of the most well-known energy-efficient improvements is solar panels. While once cost-prohibitive for many, the popularity of solar panels has risen considerably due to increased affordability and accessibility.
Now, just because they’re more affordable doesn’t mean they’re inexpensive; the average cost of solar panels hovers at about $18,500 and they’ll take anywhere from 6-12 years to pay themselves off. It’s a long-term play.
Interestingly, and contrary to what you’ve probably heard, solar panel technology can help homeowners sell their homes faster and for more money.
Still, it’s a big investment; you’ll want to do your research.
When it comes to saving energy in your home, insulation can help homeowners significantly.
While the cost of re-insulating your entire home is likely to give you chills, insulating just your attic — where heat escapes your home the most — will results in big energy savings while still being wallet-friendly.
Often, insulating your attic can pay for itself within 3 years and, in some cases, in as few as six months!
A smart thermostat can cost triple what a traditional thermostat costs, but it can end up being quite a smart move. How? Well, a smart thermostat can pay for itself relatively quickly. A smart thermostat is “smart” in the sense that it can end up “learning” your behavior and save as much energy as possible.
Some of the energy-efficient improvements on this list cost a significant amount of money, but a smart thermostat is relatively inexpensive in comparison. Wondering how long it will take for a smart thermostat to pay for itself? The answer is about two years.
LED lighting is everywhere and it’s more affordable than ever. You’ve probably noticed that it’s in more homes, too, and they are much more energy-efficient than traditional lightbulbs. They last longer, are more reliable, and can even improve productivity.
You can pick up LED bulbs for less than $5, and your total cost will depend on how much lighting you are installing, the size of your home, and other factors.
Either way, LED lighting is a great investment that can pay for itself in less than a year.
There are different types of windows out there, and the cost of a window replacement can vary widely. Some replacement windows can cost as little as $300 or as much as $2,000. There are even windows that cost more, since they may involve a different kind of glass, expensive frame, or special installation.
Like solar panels, windows can be costly. Please do your research.
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With enough patience, most home efficiency upgrades will eventually pay off. As always, though, you’ll want to get the best bang for your buck.
While the data above can be a helpful guide, it’s much more helpful to understand your exact replacement costs.
Contact us today to get a free estimate for your energy-efficiency upgrades or any of your repair or improvement needs.