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5 Home Improvement Projects That Will Save Thousands

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Home improvement projects can save you money and increase your home’s value.  Don’t wait until you are putting your house up for sale to start home improvements. With rising energy costs, homeowners are continually looking for ways to save money. Check out these home improvements that will not only pay for themselves but also save you thousands.

Security System

A criminal would rather rob a house without an alarm system. One study found that 83 percent of robbers check a home for a security system and 60 percent avoid homes with a security system. Why? Homes with security systems attract too much attention.  The alarm sound is loud and when the alarm trips, it signals a call to the police.

You save two ways with the security system: robbery avoidance and on your homeowner’s insurance premium. Contact your insurance company when you install a security system to reduce your annual premium.

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Solar Panels

Image via Flickr by Greens M

Solar panels are energy-saving devices that convert sunlight into electricity. Residential solar panels cost between $15,000 and $25,000. So where is the savings? When you invest in solar panels, you get a tax credit and other incentives. Your long run savings depend on several factors: daily direct sunlight hours; your roof’s size and angle and your electricity rate. Expect to save anywhere from $10,000 to $30,000 in long-term savings.

Upgrading Your HVAC

If your HVAC system is over ten years old, consider upgrading your system. Maximize your savings by investing in the best system you can afford. The best does not mean the biggest system. Have your HVAC professional evaluate your home’s needs.

Your savings depend on your system’s age, the type of unit you have, and how well you maintain your system.  Today’s technological advances allow you to get systems that are 97 percent efficient. Your HVAC professional can help you calculate your savings.

Smart Thermostat

A smart thermostat is a home gadget that connects to your home Wi-Fi and allows you to program your home’s temperature. Depending on your thermostat features you can:

  • Integrate it with your smart home platform.
  • Use devices such as Siri, Google Home, and Alexa to communicate with it.
  • Have it learn your routines to anticipate your needs.
  • Set alerts.

The smart savings may not save you thousands immediately, but you can expect to save $130 to $145 each year which means your thermostat will pay for itself in one or two years.

Adding Energy Efficient Insulation

Long-term savings is great, but everyone likes a quick payback. Insulating your home can save you anywhere from 10 to 50 percent on your utility bills. Additionally, you may qualify for a tax credit for your insulation project.  Select an insulation with a high R-value per inch. The higher the R-value, the more effective the insulation, and the more effective the insulation, the more you save.  Start with your attic first. Your insulation approach depends on whether you are converting your attic to a living space.

The best renovations you can do are the ones that save you money for years to come.