While not a magic elixir to cure all of our industry’s ills, the Sensible Accounting to Value Energy (SAVE) Act sure feels like a step in the right direction towards changing the outdated mindset. Introduced by Senators Michael Bennet (D-CO) and Johnny Isakson (R-GA), this Act has the potential to transform the way green homes are valued for lending and appraisal purposes.
The SAVE Act is a bill with no downsides—the associated costs are nominal, and everyone seems to win:
• Homeowners will be able to obtain loan reductions and higher resale values for high performance homes, encouraging energy improvements, and, ideally, rendering cynic questions about payback periods for basic green upgrades moot.
• Builders will have the ability to recoup upfront investments that improve home performance through accurate and consistent appraisals, thereby providing incentive to construct enhanced structures and move away from poor decisions based solely on lowest upfront cost.
• After decades of inertness, lenders will be able to accurately project repayment risk, presumably enabling them to finally deliver on their elusive promise for green mortgages.
• Utilities will benefit from the reduction of demand on their already overtaxed infrastructure.
• The industry will receive a much needed shot in the arm from increased investments in energy upgrades, presumably resulting in growth and job creation for professionals and manufacturers alike.
• And the environment, possibly the biggest winner in this scenario, will finally find its place on our collective balance sheet.
There is a long road between the SAVE Act’s introduction and enactment. It’s important that we do not sit idly by and let the Act languish in the bureaucratic morass of contorted Washington politics.
On Wednesday, March 14, at 10 PT/1 ET, join the Green Builder Coalition, Leading Builders of America, NRDC, EcoBroker, Institute for Market Transformation, NAIMA, and Green Builder Media for the SAVE Act 101—a webinar that will outline what the bill contains, how it proposes to modify home appraisals, how it will benefit the owners and occupants of energy efficient homes, and how you can get involved in passing the Act into legislation. Register today at www.greenbuildermag.com/impactseries.
Have ideas or want to learn more about the SAVE Act? Write to me at email@example.com or follow me on Twitter @SaraGBM.
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Posted: 3/7/2012 1:39:28 PM by
Mary Kestner | with 0 comments