Homeowners Consider Going Green

Would you factor energy efficiency improvements into the cost of your mortgage?

There is a “significantly higher level of interest among younger homeowners in green home improvements,” notes the Perspectives Blog at Fannie Mae.   This cohort is especially interested in adding solar panels or other energy-efficient updates—particularly if such expenses could be rolled into the mortgage.

A Fannie Mae survey revealed 51% of those ages 18-34 would be interested in energy efficient home improvements.  Forty-eight percent were in favor of the installation of solar panels, versus 34% of the overall population in favor of energy-efficient improvements and 32% who were interested in installing solar panels.

Of other age groups, 41% of 35-44-year-olds expressed interest in solar panels if the costs were included in the mortgage, as did 31% of those ages 45-64.  Of homeowners age 65+, only 19% were interested in solar panels as an energy efficient improvement.

Concerning updates with costs of overall energy improvements factored into mortgages, 40% of those 35-44 shared their interest compared to 34% of those 45-64 and 22% of homeowners age 65+.

Fannie Mae says that green improvements can shelter homeowners from financial surprises related to climate and energy expenditures, and that given recent home equity gains, “some households may now be able to finance these improvements.”

Combined, expenses of home maintenance and updates can equate almost 20% of the overall costs of homeownership, “an unexpected burden for a meaningful portion of homeowners.”

Post authored by Lora Bray.

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