Learn how to Save on your Home Renovation or Addition
Since the onset of the pandemic in early 2020, people across the U.S. have found themselves spending more time at home due to COVID-related restrictions. This unique situation, and change in lifestyle for many, has led residents to look for ways to improve their homes to accommodate their evolving needs.
A survey conducted in August of 2020 found that more than 70% of respondents had pursued home improvement projects since the start of the COVID-19 pandemic. The home–buying market has also been very active during this time, including right here on Cape Cod and Martha’s Vineyard. The Vineyard Gazette noted a 27% increase in the number of properties on the Vineyard that reached sales agreements from April to August 2020 compared to the same time period in 2019; similarly, The Enterprise reported that real estate sales on Cape Cod were up approximately 43% in July 2020 versus July 2019. Many of these home–buyers have been subsequently rushing to redesign their new spaces.
If you’re among those looking to renovate or add to your home as the winter snow and ice give way to warmer project weather, consider looking to the Compact’s program to assist you with incentives for making your project as energy efficient as possible. Work with us from the point of project launch, and we’ll be sure to connect you to guidance and incentives to optimize the efficiency of your remodeled living space. Read on to learn more about our Renovations and Additions Path.
Who is eligible?
Customers located on Martha’s Vineyard or Cape Cod residing in single-family or multi-family homes with three stories or less may be eligible for incentives on renovations and additions. Minimum eligibility requirements for renovations state that 50% or more of the original home must undergo renovation upgrades, while additions must include at least 500 square feet of total added floor area. Projects must also be pursuing high performance energy standards and building construction that far exceeds minimum building code requirements. Reach out early so you don’t miss out on these savings opportunities. Support for renovations and additions is only applicable before any construction or demolition begins.
What incentives are available?
One great aspect of this path is the Pay for Savings incentive structure, which compares the performance of your updated home, in terms of electric and fuel savings, against a baseline model of an average Massachusetts home renovation or new addition. This means that the more energy your upgrades save and the better your home performs against the baseline, the more incentives you’ll receive. Your home must achieve at least a 5% reduction in energy use compared to the average home.
The incentive, which may reach up to $10,000 per unit, may cover a wide variety of energy-efficient upgrades and equipment, so you’ll have several ways to incorporate cutting-edge practices and technology into your renovation or addition. A few of the available upgrades include improved insulation, HVAC and water heating equipment, air and duct sealing, and lighting. If you’re looking to make significant upgrades but are hesitant about moving forward because of the incentive cap and your budget, consider taking advantage of our HEAT loan. This zero-percent interest loan for up to $25,000 can help finance qualifying energy efficiency upgrades and enable you to take your project to the next level.
How do I participate?
Taking on a renovation or addition can be daunting, but the Compact is here to help streamline the process:
- Start by filling out this interest form, so a program representative may reach out to you with more information. Alternatively, you can reach out to a thirty-party verifier to convey your interest directly.
- Schedule a preliminary site visit with the program representative or third-party verifier to perform a baseline evaluation of your home. This can be an in-person or virtual inspection and will be used to estimate projected energy savings and identify any additional energy efficiency upgrades that might suit the needs of your individual project.
- Complete your renovation or addition. When the work is nearly finished, schedule a final site visit with your program representative or third-party verifier to ensure all outstanding details are finalized.
- In as little as 10 weeks after your final inspection, receive an incentive check via mail. As noted above, depending on what energy efficiency upgrades you’ve chosen to include in your renovation or addition, you could be entitled to up to $10,000 in incentives!
Get Connected to Savings
Whether you’ve been planning a renovation or addition for years, or recent circumstances have prompted you to make a change, the Compact is here to connect you to savings. With spring on the horizon and home improvement season at its peak, don’t wait to sign up! Get started today by calling 800-628-8413 or emailing RenovateAddMA@icf.com. We look forward to working with you to create a more comfortable, and more efficient, home.