PACE program, energy improvements raise home values
Posted on Monday, June 24, 2013 at 10:19:04 AM
Changes in a home's energy efficiency can result in an increase in home value. Small or large - any improvement to a home can be a sound investment.
The Property Assessed Clean Energy program added its first successful financing of an energy-efficient project recently in Washington D.C. According to a report from the District Department of the Environment, the property is a multifamily building in southeast D.C. The PACE project cost 340,000 dollars, the report said.
"Through the Sustainable DC Initiative, we have set aggressive goals to reduce energy use and greenhouse gas emissions in the District," said Washington D.C. Mayor Vincent C. Gray.
The PACE program is an interesting addition to home improvement financing, where many property owners look to refinance in order to make repairs.
Many energy-efficient changes can increase home equity, and they are also attractive improvements to potential buyers and sellers. Each home with energy upgrades can raise their value up to 20 dollars, for every one dollar saved on energy bills, according to a report by the Appraisal Journal.
When improvements are made, those energy changes can add up to a home value nearly $10,000 greater, the report stated.
If you are looking to make environmental improvements, home improvement financing can be a quality tool to get the money needed. Home Loan Investment Bank can provide the services to begin a new project.