Baby Boomer Retirees Lower their Heating Bills with Renewable Energy

Last year’s real estate market wasn’t kind to aspiring homeowners. Mortgage rates and prices rose. Demand for homes outpaced supply. Forbes Advisor called the prospects for first-time homebuyers “demoralizing.”  

Not so for baby boomer retirees, though. The folks born between 1946 and 1964 leveraged their existing home equity and generous disposable incomes to claim the lion’s share of the single-family home market (58.1%). They also led the remodeling market. Whether they downsize, relocate, renovate, or build new, boomer retirees increasingly choose to lower their heating bills by saving energy. Ultra-efficient options like ground source heat pumps (GSHPs) that draw energy from the Earth are a good fit with the values boomer retirees hold. Here are four examples. 

SAVING ENERGY AND LOWERING COSTS IN RETIREMENT 

Value 1: Strong work ethic and related rewards  

Baby boomer retirees value both a strong work ethic and achievement. They grew up in a world where hard work brought rewards like owning homes and cars. They embraced innovations on many fronts—everything from seat belts and microwaves to fax machines and personal computers. Current studies tell us that they’re still willing to purchase technological innovations.

The rewards of a retiree’s hard-earned dollar today include technologies like geothermal heating and cooling that reduce monthly living costs. Geothermal systems keep homes comfortable year-round with ground source heat pumps that tap the energy stored in the Earth. They achieve efficiencies of around 400% and keep utility bills predictably low, a critical factor for retirees. 

Go here to check out Mark and Gayle’s 4,495-square-foot retirement home, situated in the St. Louis area. The couple recalls a particularly cold Midwestern January with weeks of frigid temperatures. “Our total electric bill was only $130.00,” they say. “That is for everything in the house.” 

Value 2: Resourcefulness 

Ron and Lynda’s story exemplifies the resourcefulness and self-sufficiency boomer retirees value. The couple planned their “forever” home with an eye on long-term energy savings and lower utility bills. The result? An eco-friendly duplex in Ontario, Canada, with their residence on one side and an income-generating rental unit on the other. Generous insulation, energy-efficient windows, and geothermal heating and cooling save substantial energy and dollars every month.  

Value 3: Fiscal responsibility 

Baby boomer retirees grew up under the influence of parents who survived the Great Depression. They learned to live within their means and save. Recent data says boomers have paid off their mortgages in record numbers.  

 The long life of geothermal systems delivers long-term savings that contribute to financial security. Ground source heat pumps, on average, last 25 years. The buried pipes that complete the system last 50 years or more. “While there is no such thing as free energy,” reports Forbes Home, “geothermal heating and cooling systems, along with solar panels, are as close as you can get.” 

 Value 4: Personal responsibility 

Baby boomer retirees came of age during times of social and political upheaval. They gave voice and action to movements like Civil Rights, Anti-War, and Women’s Liberation. Perhaps it’s not surprising then that when it comes to the environment and sustainable practices, they exhibit not just the desire to consume less energy, but also the willingness to do so.

Developers of communities for the 55+ crowd have taken notice. As one said, energy efficiency is now a “vital component” to a lifestyle that “index[s] highly with this demographic.”  

Anticipating monthly costs is a big part of retirement planning. To learn more about cost-saving energy efficiencies that can keep your monthly utility bills predictably low, contact the team at Enertech today. 

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 [1]Jesse Wade, “Single-Family Building Focused around Baby Boomers: Multifamily is Millennial Focused,” National Association of Homebuilders, 06-28-2023, https://eyeonhousing.org/2023/06/single-family-building-focused-around-baby-boomers-multifamily-is-millennial-focused/  

[2] “Residential Remodeling Industry Facts, Statistics and Trends for 2023,” Contractor Marketing Network, 03-10-2023, https://contractormarketingnetwork.com/2023/03/10/key-insights-for-residential-remodeling-industry-2023/ 

[3] “Razorfish Study Reveals Baby Boomer’s Strong Technology Affinity,” Razorfish Marketing Transformation, 12-2023, https://www.razorfish.com/articles/news/razorfish-study-reveals-baby-boomers-strong-technology-affinity/ 

[4] “Guide to Thermal Heat Pumps,” U.S. Department of Energy, 02-2011, https://www.energy.gov/sites/prod/files/guide_to_geothermal_heat_pumps.pdf 

[5] “A New Leaf: Older Adults Embrace Green Living,” Business Insider, 04-21-2023, https://markets.businessinsider.com/news/stocks/a-new-leaf-older-adults-embrace-green-living-1032249415 

[6] “Chris Wood,” “Do Baby Boomer Renters Value Sustainability?” Multi-Family Executive, 07-28-2021, https://www.multifamilyexecutive.com/property-management/resident-life/do-baby-boomer-renters-value-sustainability_o