Everyone wants to save money and conserve energy, right? But how many practice this basic and crucial concept? Not many, that’s for sure.
Globally, 1 in 4 vehicles sold in 2023 were electric or plugin hybrids. Even the percentage of those who own all-electric or hybrid vehicles only accounts for 4.6%, which will not solve our climate change issues. However, in Norway, it was 93%, 60% in Sweden and China it was just shy of 40% and in the U.S. 10%.
The U.S. had the 3rd smallest percentage of purchases. However, only 18% of the world’s cars sold in 2023 were electric or hybrid plug-ins. This is only one facet of reaching a successful and sustainable climate change.
It will be a very daunting task as I do not see how we in the U.S. can convert and transition our cars, trucks, trains, ships, and factories to non-fossil fuel alternative sources anytime soon; as we have an addiction, like drugs, in continuing the path we are taking.
I predict the cost and amount of time to convert will be in the neighborhood of at least 25+ years. Government and consumer goals do not match the current results that we are experiencing and may take considerably longer to achieve.
Practicing and adhering to a set of lofty objectives that we are trying to accomplish are unrealistic and unattainable in the reality of our current results. Here is a link to more information and statistics: https://www.lea.org/reports/globalev-outlook-2023
When it comes to sustainable homes, only 2% or 36,000 of the 1.8 million homes constructed met the criteria of being eco-friendly or as some call them low carbon footprint builds. This is a practice of designing, constructing, operating, and maintaining buildings in an environmentally responsible and resource-efficient manner as quoted by Tony Mariotti of Ruby Home Luxury Real Estate from his article from Sept 11, 2023.
According to Business Wire, 84% of homeowners said living in a green home was important to them. In addition, 64% said they would pay more to live in a green home or development. LEED-certified homes increased by almost 20% from 2017-2019. Around 400,000 green homes or LEED Certified at that time barely comprised a tiny portion of all homes constructed.
In 2024, 5 states led the list for eco-friendly homes, which were, California led with 39,296, Texas with 24,598 and New York with 24,598, Washington with 10,521, and Colorado with 8091. In 2019, CBRE published a Green BuildingAdoption Index which found only 13.8% of commercial office buildings in the U.S. in the 30 largest markets met the criteria of being fully green (but not LEED/Leadership in Engineering and Environmental Design) certified).
However, we started the green initiative and are the world leader, China second and India third. Washington D.C. became the first city to legislate for green building certification with the Green Building Act in 2006. It still leads the country in the number of LEED certifications at over 1500+ establishments per million residents (2,257).
A key factor in green construction projects of buildings and homes is the savings and stronger asset values going forward, based on increasing future fossil fuel energy costs. According to the World Business Council for Sustainable Development, building Green may increase construction costs 1-12% in most situations.
If you switch to a solar panel system, do your homework and do due diligence to make sure it is worthwhile to ensure enough savings. Your roof will need a substantial amount of sunlight, approximately at least 80% for a good portion of the day for creating the storable energy to be converted to electricity.
Also, purchasing the system for the majority will be more beneficial than leasing; unless you cannot afford to buy it, then leasing will be your other option, and giving away the kilowatt hour credits to someone else. Currently, NYS provides a direct tax credit of 25% and federally you will also receive a 30% direct tax credit, which totals 50%! My professional advice is to get 3 estimates and see what your overall costs and savings will be.
Installing solar panels to reduce your electric costs will be a win/win situation for you, the environment, and your pocketbook.. You will continue to save money over the years while electric costs continue to increase. More importantly, this will add excellent future value to the sale of your home.
If you need any advice on solar energy, geothermal HVAC, Heat pumps or any questions or concerns about saving energy and money, call me for a Free consultation.
Philip A. Raices is the owner/Broker of Turn Key Real Estate at 3 Grace Ave Suite 180 in Great Neck. For a free 15-minute consultation, value analysis of your home, or to answer any of your questions or concerns he can be reached by cell: (516) 647-4289 or by email: Phil@TurnKeyRealEstate.Com or via https://WWW.Li-RealEstate.Com
