By incorporating cost-effective solutions such as efficient windows, improved insulation, and modern heating and cooling systems, new homeowners of single or multi-family homes can expect significant savings on their energy bills. This move not only puts money back into homeowners' pockets but also reduces energy consumption, leading to a reduction in our carbon footprint.
The Energy Independence and Security Act of 2007 prompted the updated standards to ensure that homes remain affordable and accessible. For single-family homes financed through HUD, the transition to energy efficiency is swift and rewarding, providing annual savings of over $950, which translates to thousands of dollars over a home's lifetime.
Multifamily units are also expected to save approximately $224 per apartment annually, a significant benefit for renters seeking affordable living options.
These updated standards are especially important for low- and moderate-income families who typically spend more on energy bills. By reducing these costs, families can allocate more towards their needs and aspirations.
In addition, as we face the challenges of climate change with increasingly extreme weather conditions, these updated standards ensure homes are not just energy-efficient but also resilient, safeguarding against the elements and contributing to the well-being of residents.
The initiative is estimated to reduce 6.35 million metric tons in carbon emissions over 30 years and provide an annual societal cost savings of $13.9 million. This initiative marks a significant step towards sustainable living and applies to new construction across various HUD and USDA financed programs, promising a greener, more resilient future for American homeowners and renters.
HUD's mission is to foster strong, sustainable, inclusive communities, and provide quality affordable homes for everyone. Stay tuned to HUD's website and social media channels for more updates on how we're building better homes for a better tomorrow.
If you're interested in reading more about housing assistance, check out these articles:
- HUD Announces $12.7 Million Funding for Foster Youth Housing Assistance Program
- Overcoming Homebuying Hurdles with Housing Support and Assistance Programs
- U.S. Treasury Introduces Strategy to Improve Housing Affordability with Unspent COVID-19 Relief Funds
