The following article is a guest post written by Amanda Bead, a recent college graduate and avid writer. While her primary focus in college was Psychology, Bead minored in English Literature and Accounting. She draws on her knowledge of these subjects to create online content that addresses human needs in a simple way. Bead is a writer for the cost segregation company, ELB Consulting. They save businesses money with energy efficiency guidance through the use of R & D studies, cost segration, energy audits and tax credits as well as a myriad other large and small scale services. Since 2001, ELB has helped our clients save millions by applying engineered cost segregation, energy efficiency solutions, 179D and 45L energy audits, tax credits, and facility assessment reports.
Green innovations have served to change the construction industry in many ways. Building green is the way of the future, so adapting can have benefits for both construction firms and the customers that will use the new buildings. While materials may cost more and it may take a little effort to acquire certifications for green building, having the ability to offer green building expertise can help construction firms stand out. Operating from a green building can also help clients in several ways.
Green Building Is In Demand
The U.S. Green Building Council reported that about 63 percent of construction firms had plans for commercial green building projects between 2013 and 2015. It is estimated that about $960 billion will be invested globally in green commercial renovations between 2015 and 2023. For a construction firm, being able to offer the most cutting edge green renovations may act as a competitive advantage.
Green Standards Are Good for Inhabitants
Green standards generally include indoor air quality as a focus point. With improved ventilation and building envelop, workers or residents that inhabit green buildings are exposed to fewer volatile organic compounds (VOCs) and allergens, which may help to preserve health. Green buildings are also usually designed to optimize lighting, temperatures, and other characteristics that directly improve comfort levels. Companies that have switched to green standards generally report increased productivity levels.
Going Green May Increase Customer Revenues
Many consumers are willing to pay a slightly higher price for goods and services that are offered by companies that have environmental awareness as a value. Tenants are also generally willing to pay more to rent an apartment or home that is energy efficient and built with sustainability in mind. By investing in green renovations, companies and real estate investors may see increased revenues. Not only is it possible to justify higher prices, environmentally conscientious customers are also more apt to “buy in” to the green values.
Energy Efficiency Saves Money
Energy efficiency directly saves money on utilities, which can help to expedite the return on investment. By purchasing a green building or renovating for greater efficiency, clients may also become eligible for tax incentives. To obtain the greatest benefit, commercial clients should have a cost segregation study performed shortly after the building has been constructed or renovated. A cost segregation study can help clients to take advantage of tax incentives that may have been missed and take certain deductions faster.