HOW THE REAL ESTATE INDUSTRY IS REACTING TO CLIMATE CHANGE
Government action in the form of the Inflation Act has put the fight against climate change firmly on the agenda, and industry experts say now is the time for a proactive approach. Beyond the extent of its contribution to overall emissions, real estate is critical to global decarbonization efforts for reasons that may be attractive to investors, occupiers and governments. For example, upgrading to more energy-efficient lighting systems and installing better insulation can have positive financial returns.
Today, new technologies are also making low-carbon heating and cooling systems, such as heat pumps and energy-efficient air conditioners, more cost-effective in many markets and climates. We propose five actions real estate stakeholders can take to thrive during climate change:
Replace Windows
- There is really no reason to keep old windows that are in poor condition and/or not energy efficient. Today's modern windows block heat and cold much more effectively than their aging counterparts.
Update Roofing
- Consider different roofing materials. Some experts predict more extreme weather events will follow as climate change progresses. With this in mind, it might be wise to choose a roof made of materials designed to protect your home from a variety of weather conditions.
Insulation and Ventilation
- Balance insulation and ventilation. You've probably heard that the more insulation your house has, the better. While solid insulation does provide strong protection from cold and heat, you should also make sure your home is well ventilated.
Rainwater harvesting
- Water scarcity is already a problem in some localized areas and is expected to intensify in the coming years. One way to reduce a household's reliance on municipal water sources is to install a rainwater harvesting system. Placing a rain barrel under a downspout or running PVC pipe from a gutter to a storage tank provides an alternative source for landscape watering and irrigation, concrete cleaning, and other functions that require a non-potable water source.
Pay attention to everything
- Most catastrophic predictions of climate change are only expected to hit Earth for a considerable period of time. The average American homeowner stays in their home for 13.3 years. While preparing for climate change is a good thing, it shouldn't come at the expense of other, more typical DIY endeavors.
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