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What are the Financial Benefits of Going Green?

Chris Gottschalk

Chris Gottschalk About The Author

May 2, 2023 4:45:00 AM

When people talk about the advantages of “going green,” or being more ecologically friendly, they usually discuss the moral and ecological benefits. They talk about how if enough people are ecologically conscious, they can reduce pollution and lessen the consequences of climate change. They might also point out that doing the right thing just feels good.

While these people aren’t wrong, they’re neglecting the fact that going green also has some financial benefits. When you go green, don’t be surprised if you end up getting a little extra green for yourself in the process.

How going green benefits you financially

Going Green Benefits your Finances

Going Green Saves Money

The biggest advantage of going green is that it can save money. For instance, it’s common knowledge that you can save money on your heating bill by turning down the thermostat a degree or two, and you can also save on your electric bill by turning off the lights in unoccupied rooms. However, there are a lot of other steps you can take to save on your energy bills such as:

  • Replacing incandescent and fluorescent lights with LED lights
  • Buying a smart thermostat to better regulate your home’s temperature
  • Making sure your house is well-insulated
  • Sealing cracks around doors and windows
  • Installing energy-efficient windows
  • Putting solar panels on your roof
  • Buying energy efficient appliances, especially those that earn the energy star label

While it is true that these steps do require you to spend money, you’ll notice the results each month in your electric and heating bill.

You can also save money at the gas pump when you buy a car with a high MPG rating. You might even want to get a hybrid car to save even more on gasoline. Electric cars are also a good option, but you should think about whether the amount you’d be saving on gasoline would be offset by how much extra you’d be spending on electricity.

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Going Green Makes Your Home Worth More

Unfortunately, going green usually requires an up-front investment, whether it’s buying LED lightbulbs or replacing your windows and doors. However, most of these changes qualify as home improvements, and once you’re done you’re not just saving money—you’re increasing the value of your home.

Even better, designing your home to be ecologically friendly lets potential buyers know that your home has lower energy bills than other homes, which increases its value even further. According to Freddie Mac, eco-friendly homes usually sell for 2.7% more than other homes. That might not sound like much, but when you’re talking about items that sell for hundreds of thousands of dollars, this means you’re getting a few thousand dollars extra in your pocket.Financial benefits of going green

Going Green can get you Tax Credits

Both federal and state governments tend to offer tax credits for people that go green. Unfortunately, these benefits aren’t set in stone. They vary from state to state and year to year, so a tax credit that was available last year might very well be gone the next.

If you want to find out what tax credits you can claim for going green, your best bet is to have a CPA do your taxes and find out what benefits you’ll get. It’s their job to be on top of these things, and you’ll have the peace of mind that comes from a certified professional helping you. You can also get help from tax preparation services such as TurboTax, or even visit the websites of the IRS and your state’s department of revenue to research what tax credits each entity offers.

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Get More Green From Green With First Alliance Credit Union

Going green offers a lot of benefits, including financial ones. You can save money on your energy bills by making your home more energy efficient, and you can save money at the gas pump by getting a hybrid or electric car. You also make your home more valuable to potential buyers, and you might even get tax breaks from the federal government, the state government or both.

If you’re thinking about getting more eco-friendly, become a member of First Alliance Credit Union today. You can get pre-approved for an auto loan that will let you get an energy efficient car, and you can take out a loan or line of credit that will help fund your green home improvement projects.

We do our best to provide helpful information but we cannot guarantee the accuracy or completeness of the information presented in the article, under no circumstance does the information provided constitute legal advice. You are responsible for independently verifying the information if you intend to use it in any way. Additionally, the content is not intended to be reflective of First Alliance Credit Union’s products or services, for accurate and complete details about our product and service information you must speak to an advisor at First Alliance Credit Union.