Tuesday, March 29, 2011

NCEEA Quantification Project

NCEEA Quantification Project Uncovers Evidence Supporting
Positive Impacts of ENERGY STAR® Qualified Homes

The NCEEA Quantification project comparing ENERGY STAR® qualified homes with non-qualified homes is under way and has discovered supporting third party generated research.  The NCEEA hopes to quantify the added value an ENERGY STAR qualification brings to homes beyond the well-known savings on monthly utility bills.  During our investigation, third party generated information supporting the positive role ENERGY STAR qualification can play has surfaced.  A market analysis conducted by Atlanta, GA based EcoBroker Carson Matthews found in 2009 green certified homes, including ENERGY STAR homes, sold for a higher percentage of their asking price (94.5% vs. 90.9%) and spent an average of 31 days less on the market.  Matthews’ findings can be found at http://greentothescene.files.wordpress.com/2010/03/atlanta-2009-green-sales-nar.pdf.  Additionally, a market analysis of the Triangle MLS in North Carolina conducted by Quick Turn Quality Appraisals, LLC, found in 2010 new high performance homes with certification sold for 12.9% more overall, an average of $13.82 more per square foot, and were on the market 42 less days compared to non-certified homes.  Quick Turn Quality Appraisals, LLC has posted its finding on their website and can be found at http://www.raleighquickappraisals.com/High+Performance+Homes+Sell+Better+in+the+Triangle.   A more in-depth investigation conducted by Ann Griffin of the Earth Advantage Institute found statistically significant evidence that green certifications including that of ENERGY STAR played a positive role in a home’s market performance.  Specifically, Griffin found in Portland, OR certified homes sold for an average of 4.2% more and sold 18 days faster.  Additionally, certified homes in Seattle, WA were found to sell for an average of 9.6% more, but did not have a difference in time spent for sale.  These findings are encouraging for the NCEEA’s quantification project and suggest that ENERGY STAR qualified homes do have a market advantage compared to non-qualified homes, meaning there is a significant financial return on investing in the ENERGY STAR program.  Check back for more information as we move forward with our quantification project.

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