Dennis DeGrazia Reveals that Energy Efficiency Makes Mortgage Payments Easier
Recent studies find that energy efficiency makes it more likely for a homeowner to pay off his or her mortgage; Dennis DeGrazia comments.
PHILADELPHIA, PA, April 22, 2013
The benefits of living in an energy efficient home are numerous, and many of them are well-documented--but according to Dennis DeGrazia, there are other energy efficiency benefits that may prove surprising. To illustrate his point, DeGrazia highlights a new study, reported in Bloomberg, which notes that energy efficiency can actually make the difference between repaying a mortgage, and going into foreclosure. Indeed, the new analysis shows that the risk of a mortgage default is one-third lower for those who live in energy-efficient, Energy Star-rated homes, the article notes. DeGrazia, a long-time authority on home energy efficiency, has released a new statement to the press, remarking on these surprising findings."At first, it may be difficult to understand how energy efficiency would relate to home mortgage payments--but actually, it all makes sense," affirms DeGrazia, in his new press statement. "Think about it this way: Homeowners who have energy efficient homes are going to save a lot of money on their monthly utility bills. That money can be applied to their home mortgage payments. In essence, energy efficiency gives these homeowners more capital to put toward their monthly mortgage statements."
The study, as reported by Bloomberg, is the first serious academic study to investigate the link between energy efficiency and mortgage payments--and it has already been praised for the profound evidence that it sets before the home mortgage industry. Indeed, Robert Sahadi, who directs the energy efficiency finance program at the Institute for Market Transformation (IMT), says the new study shows that energy efficiency really is enough to keep a homeowner solvent. Monthly energy savings could be as much as $250, Sahadi, says--which, for a small family with a monthly income of $4,000, could make all the difference between an ability to make a mortgage payment, and the need to delay payment.
"I think a lot of people will read this report and be really amazed at just how much money an energy efficient home can save--but of course, energy efficiency advocates have been saying all of this for years," offers DeGrazia.
Given the findings in this study, it is perhaps unsurprising that consumers are coming to prize energy efficiency more and more highly. The report notes a late February report from the National Association of Home Builders, which estimates that 90 percent of home buyers would prefer to select an energy-efficient home, even if that means paying an additional 2 to 3 percent on the front end.
"The benefits of home energy efficiency are becoming harder and harder to deny--and those benefits hit consumers right at the wallet level," concludes DeGrazia.
Dennis DeGrazia is a long-time contractor and currently serves as the Director of Operations for Construction Energy Services, Inc. (CES) in the Boston area.
ABOUT:
Dennis DeGrazia is a veteran contractor, and he currently serves as the Director of Operations for Construction Energy Services, Inc. (CES). His role in in retrofitting multi-family dwellings throughout the Boston area, seeking to improve energy efficiency. DeGrazia is a long-time authority on weatherization, energy conservation, and green design.
Website: http://dennisdegrazia.net/