According to a new CNET Money survey, 57% of Americans don’t know how to overcome obstacles to create a more energy-efficient home, think upgrades are too expensive, or believe the upgrades just aren’t worth it and won’t save them money.
It can be daunting to start the process of renovating your home to be more energy efficient, considering the number of projects a homeowner can undertake and all the different energy efficient appliances and building materials available on the market. The prospect of tackling all aspects of an energy efficiency home upgrade can be overwhelming, not to mention costly.
But with energy costs on the rise, coupled with record-setting inflation, now is the time for homeowners to look towards saving money by addressing their home’s building envelope.
One way to make your home more energy efficient is by utilizing innovative building materials, like spray foam insulation. Spray foam’s unique properties both insulate and air seal, preventing conditioned air from escaping outside, making your home feel more comfortable while also reducing energy consumption and therefore, cutting down on energy expenses.
For those concerned about the initial costs of spray foam installation, the Inflation Reduction Act, specifically the 25C tax credit program, allows homeowners to receive a 30% tax credit for energy-efficient insulation (up to $1,200 per year) to offset spray foam insulation costs. A new feature of the tax credit is that it is now available annually. Homeowners can receive $1,200 for updating their basement in 2024 and then another $1,200 for an attic or other upgrade the very next year.
As for doubts of whether these upgrades will save money, insulation upgrades have been proven to save homeowners up to 15% on their heating and cooling bills every year, according to research from the Environmental Protection Agency (EPA). According to industry experts, insulation upgrades typically pay for themselves after five to ten years.
The avalanche of information about home energy improvements can be overwhelming for any person to look through and find the perfect options. It’s important to look at what is important to you and your home, and your building envelope is a great place to start. Spray foam insulation is one easy step homeowners can take to reduce energy usage and save on monthly energy bills. These simple improvements can make a world of difference in your life and for the environment.