News We Follow: 'Show Your Work' Isn't Just for Math Class Anymore

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From an article on NAHBNow

A recent study commissioned by the Colorado Energy Office clearly demonstrates the need for detailed documentation of energy-efficiency measures and green features in all homes. 

An Early Look at Energy Efficiency and Contributory Value examined sales of homes in the greater Denver metropolitan area between January 2012 and April 2014 to determine the impact that energy efficiency has on the home buying process. Ultimately, the authors concluded, "There is a current lack of researchable and quantifiable data...Until the data is consistently available and easy to find, it is likely that the residential appraiser's ability to develop a credible opinion of value will be limited." 

Among the other observations/findings in the study:

  • The percentage of home sale listings citing "energy" increased in both local multiple listing services between 2006 and 2013, apparently indicating such features are increasingly appealing to prospective buyers.
  • According to the authors: "Appraisers need third-party certified and verified energy-efficiency documentation." Determining a home's energy efficiency is "beyond the normal scope of work," knowledge and experience of an appraiser.
  • Although the survey was not intended to estimate property values based on the presence of energy-efficient elements, in most of the case studies, the presence of energy-efficiency features added measurably to the value of the home. Several of the homes featured in the case studies were certified to the ICC 700 National Green Building Standard.

As previously reported in NAHBNow, a study conducted by the Lawrence Berkeley National Laboratory in collaboration with several noted academic and appraisal research experts familiar with valuing photovoltaic (PV) energy systems found that buyers are increasingly willing to pay a premium for homes with PV energy systems. 

NAHM actively supports efforts to educate appraisal and realty professionals about the intrinsic value of home performance, and how certifications like the ICC 700 National Green Building Standard can help non-building professionals and their customers identify high performance homes and appreciate their benefits.

Environmental Solutions Group has been a Green Verifier for National Green Building Standard for many years. We are happy and proud to be able to provide this service to residential and commercial builders and provide them with documentation that shows the many Green and Energy Efficient features in their building. Learn more about what Environmental Solutions Group offers here.

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