Energy Reform in Homes: Savings and Appreciation
In recent times, the constant increase in energy costs has led families to seriously consider the possibility of making renovations to their homes to improve energy efficiency. These renovations not only have a positive impact on reducing gas and electricity expenses but also have the potential to significantly increase the property’s value. In all Spanish capitals, the cost of energy reform is typically lower than the resulting increase in the property’s value.
Significant Energy Savings
A recent study conducted by experts in the field revealed that energy renovations in homes, including improvements in insulation and other energy efficiency-related aspects, can lead to an improvement of up to two letter grades in the energy certification range of a property. This, in turn, translates to an average annual savings of over 320 euros on gas and electricity bills. Over time, this savings can represent a substantial financial benefit for homeowners.
Increase in Market Value
In addition to operational cost savings, energy renovations have a positive impact on the market value of the property. In all Spanish capitals, the resulting appreciation is greater than the investment made in the renovation to improve energy efficiency. This means that homeowners not only enjoy a more comfortable and cost-effective home but also see their initial investment rewarded with a higher property value.
Variability in Renovation Costs
It is important to note that the cost of energy renovations can vary depending on geographic location. Cities like Palma de Mallorca, Bilbao, and Barcelona have higher costs, with standard budgets exceeding 9,000 euros. Conversely, cities like Zaragoza, Cáceres, and Huelva offer more affordable options, with costs around 5,000 euros.
Energy Savings in All Capitals
While the cost of renovation may vary, energy bill savings are a benefit experienced in all Spanish capitals. Cities like Guadalajara, Cuenca, Toledo, Albacete, and Ciudad Real lead in terms of annual savings, reaching up to 372 euros. Madrid and Barcelona also enjoy significant savings of 370 euros and 367 euros per year, respectively. However, the Canary Island capitals, such as Las Palmas de Gran Canaria and Santa Cruz de Tenerife, offer slightly lower savings of 277 euros per year.
Improved Energy Certification
An energy renovation can lead to a substantial improvement in the energy certification of a property. In many peninsular capitals, properties without energy renovations share an E energy certification as a reference value, but after the renovation, this rating can improve to a C. In the Canary Island capitals, Ceuta, and Melilla, where the energy certification is lower (G), it is possible to improve it to a D.
In summary, energy renovations in homes not only result in significant energy cost savings but also increase the property’s market value. This intelligent investment not only benefits homeowners but also contributes to the global effort to reduce energy consumption and carbon footprint.
If you are interested in making an energy renovation to your home, contact us at Living Sitges. We have many years of experience in the sector and can help you find the best solution for your project. We will be delighted to assist you in making informed decisions about the energy efficiency of your property.
Article by Living Sitges Real Estate