For many homeowners, making energy-efficient upgrades is a no-brainer: Money-back promises include lower energy bills on average, specific savings per appliance, and tax credits from the Inflation Reduction Act. But there are up-front and extra costs associated with maintaining energy-efficient upgrades—like smart home energy management or HVAC systems—and a majority of consumers say the savings don’t overcome those costs for at least five years. A new survey from Home Energy Club, an electricity consumer advocacy organization, found that a fifth of the more than 1,000 homeowners they surveyed said they were saddled with more than $2,000 in “unexpected expenses” after they upgraded their home with energy-efficient appliances. Those costs, which include repairs, system upgrades, and home modifications, went up to $5,000 for one in 10 respondents. And though a majority of homeowners surveyed said that the energy efficient upgrades they made to their homes delivered the “expected savings,” that was only after a number of years. All that said, energy savings—no matter how long it takes to overcome the initial upgrade costs—are only available to homeowners who can afford the up-front cost of buying energy-efficient equipment: Nearly three-fourths of respondents said “high up-front costs” have prevented them from making the switch. Andrew Pattison, Colgate University professor of environmental studies, told Tech Brew that “any efficiency upgrade that you can do to your home allows you to capture that savings only if you can invest in the initial outlay,” and that the more money a person has, the more likely they’ll be able to dedicate time to installation. Keep reading here.—TC |