Savings Drive Consumer Interest in ‘Green Home’ Upgrades

Green homes are gaining more traction as it helps save money and adds more smart home technology into the home.

According to Morning Consult Pro, while the upfront costs can be staggering for some upgrades, these changes have the potential to lower utility bills over the long term, and there are financial incentives available to soften the initial blow. To help Americans save some cash — up to $220 a year, by some estimates — the Biden administration has introduced billions in funding through last year’s Inflation Reduction Act to incentivize consumers to implement energy-efficient improvements. 

While green homes have been touted for their role in decarbonization, their savings potential could be more enticing to consumers: U.S. adults were more likely to say they would be interested in making home energy upgrades for financial reasons than for the potential positive impact on the environment, according to a Morning Consult survey.

That being said, the survey also found most consumers are unaware of the potential rebates — but when they were informed about their availability, their interest in purchasing green home upgrades hardly budged. 

About 1 in 5 adults (19%) said they would likely purchase an energy-efficient device for their homes within the next 12 months, a figure that rose to just 22% after respondents were given information about government rebates. This could indicate that consumers might need more detailed information as to what equipment qualifies for a rebate and how much cash they’d get back for making expensive home energy upgrades.

While there are plenty of consumers making greener choices based on ethical reasons such as trying to minimize their carbon footprint, the top reason for making the switch to more energy-efficient technology is financial. 

About 2 in 5 adults would consider home energy upgrades based on financial reasons alone, while about a quarter (23%) said they would do it for ethical reasons such as helping the environment.