Recent reports and articles have touted the potential of the remodeling market to drive growth in construction, especially as consumers get more comfortable with spending on home improvements. A kitchen makeover here and a bathroom update there make for a nice remodeling opportunity for product manufacturers as well as the chain of suppliers and trades.
At Timber Products, our focus this year is looking at “What’s Next” when it comes to green building, so when I had the opportunity last week to attend the Greening the Pathway to Recovery Conference, a green business symposium hosted by the University of Oregon, I jumped at the chance.
Basically, the conference outlined how “green” retrofits are a big part of what’s next in green building and remodeling. Here are my key takeaways that I found particularly interesting:
- Green retrofits are driving a surprising percentage of the overall remodeling market. I heard about programs that literally guarantee a return on the investment. One is an Energy Performance Savings Contract (EPSC) that could be used as a means to get financing. Green retrofits also qualify for certain tax credits.
- Green retrofits are a big part of both the commercial, residential, and institutional remodeling markets:
- Residential: Since people are not moving or selling, the best remodeling investment is in energy efficiency – short and long term.
- Commercial: Owners of Class A office space are in the mode of holding properties, not flipping them. To keep operating costs down and to attract tenants, green retrofits are hot.
- Institutional: These building are built for the long term. With an aging stock nationally, this is a primary market for energy usage upgrades.
What are you seeing when it comes to green retrofits in your area?