American Express sampled 2,045 people (18+ years old) and learned that 64% of them will invest in renovation projects this year, according to a survey taken in the first week of March. These homeowners are only planning on spending about $3,400 — down from $6,200 last year — but 32% of folks with home improvement plans will look into green home improvements.
Specifically, here’s where homeowners plan to make green home improvements:
- 16% – energy-efficient windows and doors;
- 12% – insulation;
- 11% – roofing;
- 10% – heating, ventilation, and cooling;
- 9% – water heaters; and
- 6% – alternative energy systems.
The dominant reason for green improvements, according to 31% of homeowners, is to reap long-term, cost-saving benefits. In other words, people are looking for ways to save money at home.
“Consumers are investing in green improvements to increase their savings over time and choosing to handle renovation projects on their own to save now. Many also plan to use their tax refunds to pay for improvements,” said Pamela Codispoti, a representative of American Express, according to a recent press release.
Other than green improvements, generally, interior projects (55%) are more popular than exterior projects (29%). In terms of how they’ll make the improvements, 64% will do some of the work themselves, 20% will hire a contractor to do all of it, and 11% will get a family member to do all of it.
Are you planning any green home improvements? What kind and what’s the budget?