Starting January 1, 2018, sellers of single-family homes in Portland city limits are required to obtain and disclose a Home Energy Report estimating the energy use, associated costs, and more. Read on to learn more about this ordinance.
What is a Home Energy Score?
Developed by the US Department of Energy, the Home Energy Score is a national rating system that is intended to provide information about a home’s energy efficiency based on a variety of factors, including the home’s structure, heating, cooling, and hot water systems.
If a home scores an Energy Score of 5, its energy usage is expected to be comparable to the average home in the area, whereas a rating below 5 is expected to consume more energy than the average home. These ratings do not necessarily reflect upon the build quality of a home.
What does this ordinance mean for those entering the real estate market?
For any individual who will be publicly selling or relisting a home within Portland city limits after January 1, 2018, they will be required to attain a Home Energy Score and include that report publicly so it may be available to potential buyers.
The Home Energy Report can be a useful tool for buyers, as it will give them an idea of what to expect so far as energy consumption and costs. Additionally, this may help buyers during sales negotiations.
How can you remain in compliance?
For sellers to remain compliant with this new requirement, they must take a couple of simple steps. Step one, get a Home Energy Score by contacting an authorized Home Energy Assessor prior to listing or placing your home for sale. For information on how to attain an authorized assessor, click here. Step two, show your Home Energy Score by including the report in any public posting, listing, or advertisement that may be available to buyers.
Your Real Estate Agent will be able to assist and guide you throughout this process.
What happens during a Home Energy Assessment?
Your Home Energy Assessment will be conducted by an authorized Home Energy Assessor and will take about an hour to complete. Throughout the assessment, the assessor will collect and record information about your home, including the foundation, insulation, walls, windows, heating, cool, and hot water systems.
The information collected will be entered into energy modeling software and your Home Energy Score will be generated based upon the data produced.
Do you need more information?
If you would like more information about Home Energy Scores, Home Energy Assessments, and the requirements within the city of Portland, you can visit the City of Portland Home Energy Score website here.
This is for informational purposes only and is not a commitment to lend. Terms and conditions of programs, products, and services are subject to change without notice. All loans are subject to credit and property approval. Certain restrictions may apply on all programs. Not all applicants will qualify. Any opinions expressed in this article are those of the author(s) and do not necessarily reflect the official policy or position of Mortgage Trust, Inc.
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