Study: Energy efficient home improvement market to surpass $50 billion

Boulder, Colo., June 14, 2010 — As the housing market moves into a gradual recovery, opportunities for installing energy-efficient features in new and existing homes will continue to rise.

This is particularly true for the home improvement and renovation sector; as homes age, the opportunities for energy efficient products and services increase.

According to a recent report from Pike Research, expenditures on energy efficient home improvements, which have been essentially flat over the last few years, will see a period of strong growth through 2014, reaching $50.2 billion in that year.

“Most Americans value home energy efficiency and many have already taken basic measures, such as insulating their attics, caulking and weather-stripping, and using more compact fluorescent lights,” says managing director Clint Wheelock. “The primary barriers to taking more extensive energy efficiency measures are cost and consumer awareness.”

While public awareness of energy efficiency has increased in recent years, there is still opportunity to educate both homeowners and construction professionals.

Many homeowners do not fully comprehend the benefits and economics of energy efficient features, and are overwhelmed by the number of options available. Many building professionals are new to energy efficiency and green buildings and are not sufficiently trained in these areas.

The opportunity to build the residential energy efficiency market is sizable, as the housing sector rebounds and these awareness issues are overcome.

 

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