Massachusetts is a ‘LEED-er’ in Energy Efficient Building; What That Means for New England Builders
In 2018, Massachusetts once again nearly topped the list of LEED certified space per resident, with only Illinois beating them out by a fraction of a percent. If the acronym LEED means nothing to you, it’s critically important for builders and developers to understand it, as it very likely the future of building construction.
As one resource explains it, “LEED is a certification program that assesses building design and construction in terms of energy efficiency, water usage, air quality, and choice of building materials as well as environmental factors such as access to public transportation and responsible land use.” Recent years have seen a major uptick in LEED statistics, particularly in the residential segment, indicating that communities and owners are prioritizing energy efficiency in their buildings. Accordingly, if you’re a builder and you don’t have LEED in the back of your mind, it’s time to start thinking about working on LEED certified projects, the advantages that has for your company, and the new challenges it creates.
Prepare for increased building costs
It is undeniable that constructing LEED certifiable buildings comes with a higher price tag. Simply put, the quality of materials and labor needed to meet expectations for certification is much higher, hence the cost of the overall project will likely increase significantly over a normal job. That having been said, recent statistics indicate that “green building currently accounts for 26-33% of the total residential market,” and that number will only increase as consumer and industry demand increases. Getting your foot in the door as a trusted name in local green construction will supersede your costs in the long run.
LEED puts value behind your name
Getting a few LEED-certified buildings under your belt will help you establish your brand as a leader in local construction. Aside from being green-friendly, consumers associate LEED certification with quality, which will up your reputation, and the value of the properties you build. As one source explains: “LEED buildings … attract more commercial construction companies to the field. For residential construction companies, LEED certification can help homes sell faster and for a higher price.” Beyond this, builders who construct LEED certified buildings are often privy to benefits such as tax credits and zoning allowances to name a few.
LEED isn’t going away
Whether you like it or hate it, getting into the game with LEED and green building is prudent. As companies and homeowners strive for net zero properties for LEED-certification is only going to increase. According to one statistic, many builders believe more than 60% of their work will be green by 2020. The beautiful thing is, those same builders believe consumers will spend more for these projects, meaning despite rising costs, higher price tags still represent a great opportunity for your earnings.