The Appraisal Institute has joined forces with the U.S. Department of Energy (DOE) to expand awareness of energy efficiency in American homes, the nation’s largest trade association of real estate appraisers announced last week.
The Appraisal Institute has joined the DOE’s new Better Buildings Home Energy Information Accelerator, which will convene leaders to discuss how to streamline the processes used to help consumers improve the efficiency of their homes. The initiative is part of President Barack Obama’s Climate Action plan, which aims to accelerate investment in home energy efficiency improvement projects across the country.
Specifically, the accelerator will bring together leaders in real estate and energy efficiency to expand the availability and use of reliable home energy information at relevant points in residential real estate transactions. According to the DOE, the accelerator’s partners will develop and demonstrate replicable, sustainable approaches that make energy-related information, such as a home’s efficiency certification or its estimated energy usage, easily available through multiple listing services and other reports.
The Appraisal Institute brings to the table significant experience in green and energy-efficient valuation, including offering many relevant education courses to appraisers and others, conducting studies on what homeowners are willing to pay for green properties, analyzing the impact of green technology on the homebuying process and supporting legislation related to this area. The institute also released an optional addendum to Fannie Mae Form 1004, the appraisal profession’s most widely used form for mortgage lending purposes, that allows appraisers to identify and describe a home’s green features. The association also contributed to the Green MLS Tool Kit, which was launched in April 2010 to help Realtors add a green initiative to their local multiple listing service.
“The Appraisal Institute is honored to be part of this important initiative and to work with the Energy Department and other partner organizations,” AI President M. Lance Coyle said. “This opportunity is yet another example of the Appraisal Institute’s leadership in green and energy-efficient valuation.”
The accelerator currently has 31 other public and private-sector partners.