Energy Efficiency Will Help Drive Future Property Value
Energy Efficiency Will Help Drive Future Property Value NAR.realtor
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Energy Efficiency Driving Property Value
Energy efficiency has long been a marginalized player in real estate valuation, but soon it’ll take centerstage, according to Ken Levenson, the executive director of The Passive House Network. The nonprofit organization helps build high-performance buildings nationwide. Levenson made this statement during a session called “A Shifting Proposition: Energy Efficiency Driving Property Value” at NAR NXT, The REALTOR® Experience, in Anaheim, Calif.
Levenson emphasized that energy efficiency, when integrated and predictable, will drive the value of a property. On the other hand, properties that do not perform well in terms of energy efficiency will either need to be renovated or eventually left behind.
The Importance of Energy Efficiency
Levenson highlighted that energy efficiency is crucial as it underlies what we value most – health, comfort, and resilience. Additionally, it can be cost-effective and sustainable. Energy efficiency can improve indoor air quality and significantly reduce heating and cooling costs. This means that even if there is a power outage in the middle of winter, homeowners can stay warm and comfortable.
Levenson provided examples where energy efficiency has paid off. In Philadelphia, an energy-efficient home used 57% less energy per square foot compared to the median home in the area. In California, an energy-efficient home was built using only half the energy of similar homes during the state’s highest carbon-dioxide months of August and September.
Levenson stated that “baking in efficiency” will continue to pay off in the future. Other benefits include lower maintenance, reduced exposure to utility rate volatility, and the ability to shelter in place even during power outages.
The Key Ingredients for Improved Efficiency
According to Levenson, the key ingredients for improved efficiency in buildings are greater insulation, airtightness, solar protection, and hygienic ventilation. Once these basic elements are in place, smart controls and renewables can be added to enhance energy performance. However, Levenson emphasized that these additional features should not be used to compensate for poor performance.
Driving Adoption of Energy Efficiency
Levenson believes that higher adoption of energy efficiency features will come through various efforts, including:
- An increase in energy efficiency financing to fund retrofits.
- More universities and public schools showing interest in and investing in energy-efficient buildings.
- Affordable housing projects focusing on creating sustainable, higher-density buildings.
- Government and utilities exploring ways to make market rates more affordable.
- Developers showing more interest in “eco districts,” where multiple buildings in an area meet high-efficiency performance standards.
Levenson concluded by emphasizing the need to future-proof buildings due to the increasing severity of extreme weather events. He stated that there are two types of buildings: those that are prepared for climate change and those that are not. Energy efficiency will play a crucial role in determining whether a building is prepared or not. Comfort, health, safety, and resilience are not political terms but rather aspects that families care about. The value of these benefits continues to grow every day.
SDGs, Targets, and Indicators
| SDGs | Targets | Indicators |
|---|---|---|
| SDG 7: Affordable and Clean Energy | Target 7.3: Double the global rate of improvement in energy efficiency | – Examples of energy-efficient homes in Philadelphia and California that use significantly less energy per square foot compared to median homes in the area. – Increased adoption of energy efficiency features in buildings. |
| SDG 11: Sustainable Cities and Communities | Target 11.3: Enhance inclusive and sustainable urbanization and capacity for participatory, integrated, and sustainable human settlement planning and management | – Rise in interest in “eco districts,” where multiple buildings in an area meet high efficiency performance. – Affordable housing projects focusing on creating sustainable, higher-density buildings. |
| SDG 13: Climate Action | Target 13.1: Strengthen resilience and adaptive capacity to climate-related hazards and natural disasters | – Future-proofing buildings to be prepared for climate change. – Improved indoor air quality and reduced heating and cooling costs, ensuring comfort and safety even during power outages. |
1. Which SDGs are addressed or connected to the issues highlighted in the article?
The issues highlighted in the article are connected to SDG 7 (Affordable and Clean Energy), SDG 11 (Sustainable Cities and Communities), and SDG 13 (Climate Action).
2. What specific targets under those SDGs can be identified based on the article’s content?
Based on the article’s content, the specific targets that can be identified are:
– Target 7.3: Double the global rate of improvement in energy efficiency.
– Target 11.3: Enhance inclusive and sustainable urbanization and capacity for participatory, integrated, and sustainable human settlement planning and management.
– Target 13.1: Strengthen resilience and adaptive capacity to climate-related hazards and natural disasters.
3. Are there any indicators mentioned or implied in the article that can be used to measure progress towards the identified targets?
Yes, there are indicators mentioned or implied in the article that can be used to measure progress towards the identified targets. These indicators include:
– Examples of energy-efficient homes in Philadelphia and California that use significantly less energy per square foot compared to median homes in the area.
– Increased adoption of energy efficiency features in buildings.
– Rise in interest in “eco districts,” where multiple buildings in an area meet high efficiency performance.
– Affordable housing projects focusing on creating sustainable, higher-density buildings.
– Future-proofing buildings to be prepared for climate change.
– Improved indoor air quality and reduced heating and cooling costs, ensuring comfort and safety even during power outages.
Behold! This splendid article springs forth from the wellspring of knowledge, shaped by a wondrous proprietary AI technology that delved into a vast ocean of data, illuminating the path towards the Sustainable Development Goals. Remember that all rights are reserved by SDG Investors LLC, empowering us to champion progress together.
Source: nar.realtor
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