Energy-Efficiency Home Statistics of 2024
Homeowners and prospective buyers are increasingly interested in green homes and energy-efficiency features, according to a 2023 survey of National Association of Realtors members. Energy-efficient homes use innovative technologies and eco-friendly practices to reduce utility bills and shrink carbon footprints. Incorporating renewable energy is key to making homes more energy efficient, with solar panel installations surging in popularity as the cost of solar panels declines and performance improves.
To shed light on these important trends, we’ve compiled the most compelling statistics on energy-efficient and solar-powered homes. The data reveals growing demand, falling prices, and significant environmental and financial benefits for homeowners who invest in efficiency upgrades and renewable energy.
Key Takeaways
Energy-efficient homes and solar power are becoming increasingly popular among homeowners and prospective buyers. The statistics below highlight the current state of energy efficiency in the United States:
Solar Energy Facts and Statistics
Solar power is a rapidly growing renewable energy source that is becoming more affordable and accessible for homeowners. Here are some key statistics that highlight the current landscape of solar energy in the United States.
Fastest-Growing and Most Affordable Energy Source
According to the U.S. Department of Energy, “Solar energy is the fastest growing and most affordable source of new electricity in America.” The cost of solar energy systems has dropped significantly, making them more accessible to a wider range of Americans and businesses.
Average System Costs and Incentives
According to EnergySage, the average cost for a residential solar electric system is $2.86 per watt before incentives. This means the cost of a 10 kW solar panel installation ranges between $25,960 and $36,960 before tax credits or incentives. The average payback period for an owned residential solar electric system is between six and 10 years, depending on the cost of the system and utility bill savings.
The Federal Tax Credit for Solar Photovoltaics, also known as the Investment Tax Credit (ITC), provides a tax credit of 30% for those who install a residential solar PV system between 2022 and 2032. The percentage will decrease in subsequent years.
Potential Savings on Utility Bills
Installing solar panels can significantly reduce homeowners’ monthly utility bills. California residents who go solar can save an estimated $30,000 over 25 years. A homeowner who pays 15 cents per kWh for electricity can save $1,500 annually by installing a solar system that generates 10,000 kWh per year.
Increased Property Value
Homes with solar installations have higher values than homes without solar. A study by Lawrence Berkeley National Laboratory showed that solar increased the value of a home by an average of $15,000.
State Incentives
Many states offer incentives for solar installations. For example, New York residents may be eligible for a state income tax credit of 25% of the solar energy project cost, up to $5,000, on top of the federal ITC.
LED Light Bulb Facts and Statistics
Light-emitting diode (LED) light bulbs are energy-efficient and long-lasting alternatives to traditional incandescent bulbs. Here are some key statistics that highlight the benefits of switching to LED lighting.
Energy Savings Up to 90%
According to the U.S. Department of Energy, lighting accounts for 15% of an average home’s electricity use. Switching to LED lighting could save you roughly $225 in energy costs each year.
Reduced Energy Consumption and Longer Life Span
LEDs use up to 90% less energy than traditional incandescent bulbs. Some even save up to 44% of energy compared to fluorescent lighting. In addition to energy savings, LED bulbs have a long operational life span compared to other bulb types. Quality LED light bulbs can last up to 25 times longer than traditional incandescent bulbs.
Efficiency Improvements
ENERGY STAR-qualified LED bulbs have surpassed 100 lumens per watt in efficiency, which is significantly higher than traditional incandescent bulbs that provide 13 to 18 lumens per watt.
Energy-Efficient Windows Facts and Statistics
Energy-efficient windows are an excellent investment for homeowners looking to reduce their energy bills and improve the comfort of their homes. Here are some key statistics that highlight the benefits of installing energy-efficient windows:
Energy Bill Savings
Homeowners can save an average of 12% on their energy bills by opting for energy-efficient windows. The total yearly energy savings can range between $200 and $600. The exact amount saved depends on various factors, including your local climate and the number of windows in your home.
Reduced Heating and Cooling Costs
Energy-efficient windows are designed to keep heat in during the winter and out during the summer, which can significantly reduce heating and cooling costs.
According to the U.S. Department of Energy, heat gain and heat loss through windows are responsible for 25%–30% of residential heating and cooling energy use.
Lower Energy Bills
Installing ENERGY STAR-certified windows, doors, and skylights can reduce heating and cooling bills—and carbon footprints—by an average of up to 13% compared to non-certified products.
Cost of Energy-Efficient Windows
The cost of installing energy-efficient windows can vary widely, with an average range of $150–$4,000 per window. This can rise significantly depending on the window’s size, style, frame material, and number of panes.
Home Appliance and HVAC Facts and Statistics
Energy-efficient home appliances and HVAC systems play a crucial role in reducing energy consumption and costs for homeowners. Here are some key statistics that highlight the impact of these systems on home energy use and expenses:
Heating and Cooling Energy Consumption
Heating and cooling account for around half of a typical home’s energy usage. This highlights the importance of high-performance HVAC systems in managing energy consumption and costs.
Annual HVAC Expenditure
Approximately $14 billion is spent annually on HVAC services or repairs in the United States, and three million heating and cooling systems are replaced each year.
ENERGY STAR-Certified Dishwashers
An ENERGY STAR-certified dishwasher costs $55 per year to run. It can save homeowners around 3,850 gallons of water over its lifetime. You can save $210 a year by washing your dishes in a new ENERGY STAR-certified dishwasher instead of hand washing them.
ENERGY STAR-Certified Refrigerators
Refrigerators that have earned the ENERGY STAR certification are approximately 9% more efficient compared to models that satisfy the basic federal requirements for energy efficiency. Homeowners who upgrade to a new ENERGY STAR-certified model can expect to see savings of around $230 over the product’s 12-year life span.
Our Conclusion
By adopting energy-efficient practices and technologies in your home, you can help positively impact the environment while saving money. The rising popularity of energy-efficient homes reflects a change in homeowners’ mindsets toward sustainable living and understanding its long-term benefits.
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