The Rise of Green Technology
In the past 10 years, the rise of ecofriendly technologies has grown at a greater rate than we have ever seen. Both individuals and corporations are beginning to understand how investing in small green initiatives, like recycling and composting, energy conservation, energy-efficient office or home equipment, and water-saving devices are small examples of moving towards a smaller carbon footprint while saving money in the process. This lifestyle shift has gone from simply being a habit change to make you feel better about how you impact the planet, to becoming a financial savings trick that overtime saves you big.
As the expectations for newer technology rises, the demand for electricity rises with it. The average American household currently uses 901 Kwn per month and more than 300 gallons of water per day. Just think of how many devices are running on electricity in your home at any given time… The number will surprise you! Not only would the implementation of green home improvement lead to a less guilty conscious, but the return on investment on lower monthly energy bills will end up paying for itself in no time.
Ways to Save
There are so many small investments that will lead to saving in the long run, both in water conservation and saving on electricity. Investing in reusable objects like Tupperware instead of using plastic bags, bringing reusable grocery bags to the store (often there is a 5-cent discount for using one), composting for fertilizer, and low-energy lighting, are all simple ways that will allow you to start saving in small amounts which will pay off in the long run.
Although these are easy for everyone accomplish, in the end, the real savings come from making big household investments like solar powered heaters, investing in a solar company to create a custom solar energy design perfect for your household, or even small wind turbines. Larger investments like these can save you an average of almost $1,000 per year. According to a study by Forbes, homeowners who install modern solar panels can and often recover nearly all their investment costs after a prolonged period of use or if they end up selling the property.
Increase Resale Value
Alongside the energy and financial saving of using larger investment technology, having these utilities is a huge perk for those looking to sell their homes. A national US Department of Energy study found that the resale value of houses increased $4 for every solar watt that was installed. That means that if you’ve installed a 5kW solar energy system into your home, you could possibly increase the resale value by as much as $20,000. As more and more green technology becomes accessible, the motivation to add them to existing households surpasses both moral and social incentives, but boils down to the overall large financial gains.
Save on Taxes
Because going green is becoming a larger cultural fad, the U.S. government is jumping on the bandwagon by encouraging taxpayers to adopt energy-efficient practices for a reward. By using products that pass the Energy Star test, homeowners can get a tax credit of up to 30 percent of the cost of these products. That means that a $5,000 renovation could be reduced to $3,500 after a refund if you were to qualify. The same concept applies to larger investments like solar panels and wind turbines, the only difference being that with a large investment, comes a larger return. A project that costs upwards of $50,000 could be lowered to $35,000.
So… What Should You Do?
The ability to save money though investing in green technology is undeniably a proven success. Small investments like reusable products instead of disposable ones are an easy way to start saving small amounts of money that will add up in the long run. Bigger investments like solar panels obviously will cost more to implement, but with tax refunds, energy savings, and larger resale value of your home, the perks of investing big far out way the small.
More and more homeowners are moving to reduce their carbon footprint both for moral and social purposes as well as financial. With easier access to green technologies, the benefits of jumping on the bandwagon far outweigh the negative. At this rate of technological growth, green technological adaptation will soon be easier than ever for anyone to participate in.