Energy Efficient Home Upgrades In Most American Homes

According to the 2015 BMO Harris Bank Homebuyers Report, most Americans expect to spend money on home upgrades in the next five years. The report further states that 80% plan on cosmetic changes while 45% plan to make their home more energy efficient. About 53% of homeowners plan to make changes to the home exterior while 25% plan to increase space through home extensions. At least 62% plan to remodel their kitchen and/or bathroom while 26% will refinish their basement.

Most American homeowners (58%) expect to pay for home improvements through their savings while 18% plan to make payments through Credit Card. 17% will be paying through a home equity loan or a line of credit. Homeowners who plan to make their homes more energy efficient will fund the upgrades through home equity loans or line of credit.

According to Alex Dousmanis-Curtis, the head of US Retail and Business Banking, BMO Harris Bank, a home equity loan or line of credit is an ideal way to access funds for home renovations or energy efficient upgrades. Many homeowners have already undertaken a variety of green and energy efficient upgrades that include the following:

  • 68% have invested in energy efficient light bulbs
  • 36% have installed programmable thermostats
  • 45% have purchased energy efficient appliances
  • 27% have invested in energy efficient windows
  • 26% have upgraded their HVAC systems, and
  • 24% have made improvements on their insulations

The survey results were provided by BMO Harris 2015 Home Buying Report and conducted by Pollara. It was compiled from a random sample of 2,500 Americans who were more than 18 years old from the period January 23rd to February 9th 2015. The probability results of a sample this size is expected to yield results with an accuracy of +/-1.96% or 19 times out of 20. BMO Harris Bank provides a range of banking solutions for homeowners who want to improve and upgrade their homes.

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