NATIONAL REPORT—There are many ways to improve the green credentials of your property. You can transition to renewable energy, adopt a green design, and use various systems to reduce consumption and waste. From minor steps like installing smart light bulbs to major steps like installing solar panels, there’s a lot of potential for improvement. Are green improvements worth the investment? Read on to discover the financial benefits of owning a green property.
Higher Market Value
The market value determines how many prospective buyers show an interest in your property and how much you can sell it for. Green properties have a higher market value, and their value only increases in time. A property with green, energy-efficient, and high-performance features is ready to face a wide range of challenges that may arise in the future. Moreover, the transition to green living will probably speed up across all countries and societies due to the threats of climate change. Residential and commercial real estate owners who don’t switch to green principles will remain behind the curve.
Lower Energy Bills
Another economic benefit of owning a green property is lower energy bills. A green property that relies on renewable energy and other eco-friendly living solutions has lower operational costs. Solar panels, for example, pay for themselves within a couple of years, and after that, they generate free electricity. In a sunny state like California, not investing in solar panels is a financial mistake. A solar Campbell, California company can help you make the transition to green energy and enjoy vastly reduced energy bills. Solar energy is renewable and never runs out. It can power your property for many years to come, with no other additional maintenance costs.
Energy Efficiency
Energy efficiency is a key concept when it comes to environmentally friendly living. Not every property owner can take advantage of green technologies to generate power. Even though installation costs are not prohibitive, not every location has the right conditions for harnessing the power of sunlight, water, or wind. However, a property can become greener just by reducing energy consumption, no matter the energy source. A property with smart lighting systems and energy-efficient appliances consumes less power, and thus it’s cheaper to maintain. Energy efficiency can help property owners be more economical.
Low Maintenance Costs in the Long-Term
When installed properly, green technologies and solutions remain consistently reliable and do not require expensive maintenance. Moreover, since most eco-friendly systems and upgrades were designed in the past few years, they are more advanced than their traditional counterparts. Solar panels, smart thermostats, eco-friendly insulation materials, smart light bulbs are all examples of green upgrades that are innovative and reliable, without requiring expensive maintenance.
Mindful Consumption
Waste is another key concept related to environmental concerns. Most resources we rely on are not easy to replenish. In some locations, for example, water scarcity is a troubling reality. The amount of waste produced both locally and globally is astounding. In an attempt to reduce waste, proponents of green living talk about mindful consumption. A property adapted to green living will reduce consumption by design. From an economic perspective, significant waste reduction leads to lower costs.
No Price Spikes
Another significant benefit of having a property with green features is not having to worry about potential price spikes when it comes to gas, electricity, or water. Unfortunately, price variations are normal when you rely on established providers because their business is affected by economic trends, political crises, or shortages. A property that utilizes green energy can become self-sufficient in moments of crisis, and it will always depend minimally on non-local resources.
Implications for the Lodging Industry
As more and more people become eco-conscious, they will seek to live in homes adapted to a greener lifestyle. They will also seek the business of companies and brands that can demonstrate environmental awareness. This aspect is crucial for the lodging industry. Customers will likely pay close attention in the future to where they spend their hard-earned money. They will prioritize businesses that show social responsibility and whose values align with their own. Hotel owners should be ready to meet the eco-standards of their customers.
Final Words
Building green and living green has its challenges, especially in terms of initial costs. It also requires a change of habits. However, the economic, social, and environmental advantages of going green are vast. At the same time, ignoring the impact of our current way of building and living and continuing on the same path is unsustainable.
