In the modern real estate market, buyers and renters can sort and filter listings of potential buildings for myriad characteristics. However, energy efficiency and other energy features are rarely among these. The value of energy efficiency in homes, offices, and other buildings has historically not been effectively communicated between property owner, real estate broker, appraiser, lender, and buyer. This is due, in large part, to a lack of consistent tools to facilitate this exchange. In recent years, considerable advances have been made to streamline this process, enable accurate valuation of building energy efficiency in real estate transactions, and make energy efficiency visible.
NEEP provides real estate agents across the Northeast with resources and trainings to help expand the value and disclosure of energy efficiency attributes in real estate listings. NEEP also offers resources for homeowners and renters tailored to the needs of the Northeast and Mid-Atlantic residential and commercial real estate markets.
Residential Real Estate Special Projects
: NEEP leads a team in the creation of a database enabling automatic population of "green" data fields in Multiple Listing Services (MLS) in the Northeast when information from energy rating programs like U.S. DOE's Home Energy Score is available. Click the link above for more resources and information for states, communities, MLS/real estate professionals, and data providers.
These organizations train and certify real estate agents in sustainability and best building practices for energy efficiency homes.
Residential Real Estate Pilots
Led by Energy Futures Group (EFG), the Vermont State Employees Credit Union (VSECU), ClearlyEnergy, and a handful of other partners, the group developed and launched the EnergyFirst Mortgage pilot. The pilot ran from February to June 2021 throughout two counties in Vermont and offered a low-cost, innovative approach to financing energy improvements. NEEP helped establish and oversee the Vermont Energy Mortgage Advisory Committee to guide the energy mortgage process and address project needs and opportunities. Additionally, with support from ClearlyEnergy, our joint tool was updated to be used as the web platform for the mortgage process. The pilot's special offering included up to 30-year fixed-rate mortgage loans with a ½ percent interest rate reduction when customers invest at least 10 percent of the loan for energy improvements. The pilot also offered:
- $1,000 incentive for customers towards a green appraisal and other fees including contractor audits
- Energy use and savings guarantee
- Free Energy Coach to assist the customer walk through the energy mortgage process
- Pre/Post Home Energy Score & Vermont Home Energy Profile (the Vermont home energy label generated by the Energy Estimator tool)