The city of Aurora, Ontario has announced a 2-year plan to gain an additional $5,000 towards renovating your home to be more environmentally friendly. The green home grant, among other things, includes rebates for insulating the exterior of your walls with styrofoam — exactly what EIFS (synthetic stucco) does! In order to qualify, you must first have an inspector come to do an energy audit on your home, which consists of taking “before” pictures, measuring air flow through your walls, and doing a physical walk-through of your home to inspect the walls, insulation and air-tightness. In total, home owners looking to “go green” may get up to $15,000 towards renovating their home to improve energy efficiency — essentially lowering their heating AND cooling bills and saving upwards of $2,000 per year.
Aside from the grant home owners receive from the government, and substantial reductions in heating bills, the home owners who take advantage of this program will experience an increase in their home value due to the ROI (return on investment) experienced from renovating and upgrading their home.
As an example, let’s say you put EIFS on a 1500 square foot bungalow. The wall surface may come to 1500 square feet, which would be approximately a $15,000 stucco job. Of that $15,000:
- $3,000 is rebated from the Government on Ontario;
- $1,500 is rebated from the City of Aurora;
- Assuming a $2,400/yr heating bill and 35% reduction in heating costs, you stand to save over $10,500 over the course of 10 years on heating/cooling bills;
- EIFS renovations typically see an 80% ROI (in terms of increased home value), which would result in ($15,000 @ 80% =) $12,000 increase in your home’s value;
For a total of $16,700 returned to you for a $15,000 renovation, and $27,000 after 10 years (and it countinues to save and climb every year)!
By this point there’s no doubt you see the logic in doing “green” renovations. Among the renovations, EIFS (synthetic stucco) is the fore-runner in terms of actual dollars saved. Don’t waste time, contact us to get the exterior of your home renovated with EIFS.