Smart home technology continues to rise in popularity, so it comes as no surprise that it's highly sought after by today's homebuyers and renters. They're looking for smarter homes that provide convenience and save them time and money.
With this in mind, we'll look at some recent trends in energy efficiency and provide advice on how homebuilders can improve their energy-efficient house construction.
Consumer trends in energy efficiency
A recent study from Security.org looked at homebuyer trends related to smart home technology and energy efficiency. Some key findings include:
- 86% of homebuyers desired an energy or environmental control device (smart technology).
- 4 in 10 Americans bought a smart device to increase energy efficiency.
- 73% of homebuyers were looking for smart home devices in their next home.
- 78% of homebuyers were willing to pay more for smart home technology.
In addition, the survey suggested that millennials were more likely to desire smart home technology than older generations. In fact, 77% of the devices asked about were more likely to be desired by millennials than by older generations.
Homebuyers emphasize security and safety systems and energy and environmental controls over other smart technology categories. Both renters and buyers are interested in smart homes, especially when it comes to energy savings and enhanced security.
The study showed that potential homebuyers believe convenience is the number one benefit of smart home systems. Next, they cite saving time, increased home control, safety and enjoyment. The ability to "set it and forget it" appeals to today's rushed lifestyle.
How builders can deliver
Smart home systems as part of base home packages
Homebuilders should include smart home systems in their base home packages because buyers are looking for them, and these systems save potential homeowners more energy. According to a report published by the American Council for an Energy-Efficient Economy, one smart home component or system can save the average building 5 to 15% on energy, while a whole building smart system can save 30 to 50%.
Homebuyers seeking increased energy efficiency will focus on the presence of smart home tech when they make their buying decisions. In addition, smart home technology appeals to millennials and Gen Z buyers, who are beginning to flood the housing market. These two generations have grown up with technology and are more comfortable using it in their everyday lives.
Include the most desired smart technology
Builders should ensure they are including the controls most desired by potential homebuyers. These controls include lighting (33%), appliances (28%), smart locks (27%) and other energy-saving devices (19%).
To get the biggest bang for your buck, install a smart thermostat. Since heating and cooling consume more energy than any other appliances in the home, it's the best place to conserve. Today's thermostats can control a home's temperature based on occupancy and room usage and have the ability to learn the owner's habits and improve efficiency. Energy Star-rated thermostats are a good choice because they have gone through an independent certification process to verify the energy savings they provide.
Smart lighting comes in two forms: smart fixtures and smart bulbs. Either can be used to control lighting in the home remotely and can save users up to 90% of the energy used by traditional incandescent lights.
Smart appliances, like Samsung's Family Hub refrigerator, use less energy than traditional appliances and save users time and money with their advanced capabilities. Connecting multiple appliances can lead to greater efficiencies and savings. With features like the ability to see inside and create a shopping list, show and sync calendars, and provide entertainment from music and video streaming services, these appliances will become more than just a place to store and cook food.
Improve your home's energy efficiency
A home's building envelope is the first line of defense when it comes to improving energy efficiency. By adding insulation in attics, crawl spaces, and basement rim joists, homeowners can save up to 15% on their heating and cooling costs.
Another way to improve the energy efficiency of your homes is to install efficient equipment and fixtures. Energy Star-rated HVAC equipment and lighting fixtures can help homeowners improve their energy savings. These fixtures have been independently tested to confirm they meet savings requirements, ensuring consumers will save money. Choosing efficient equipment, lighting fixtures, appliances, and other amenities, when combined with smart technology, can save homeowners substantial amounts of money and help them reach their sustainability goals.
Tech adoption is key to increasing sales
With the majority of homebuyers looking for smart homes, builders should consider providing these systems in all their homes. With millennials and Gen Zers flooding the market, builders who don't adopt smart technology may lose sales. Builders should install smart controls in the most desired appliances and fixtures and improve the overall efficiency of their homes to maximize energy savings.
Smart technology, like Samsung's Family Hub, can help homeowners reach their sustainability and energy-efficiency goals and save money, as well.