The economic principle I’m exploring is Institutions are the “rules of the game” that influence choices.
My research question to help me study the economic principle is what are the economic impacts of designing environmentally friendly buildings and houses?
The main economic impact I will be focusing on today is that designing an eco friendly building saves money and is more cost effective over time. We already know that designing eco friendly buildings helps the environment but, let's look at the other benefits. There are a few main ways that people actually save money by 'going green'.
The first is that people are rewarded with tax credits and rebates from the U.S. government if they start designing environmentally friendly buildings. These do vary from state to state but, whenever you install a renewable form of energy like wind or solar, you are eligible for some sort of tax credit; according to an article by Blue and Green Tomorrow.
The next way firms earn money is by saving on maintenance, water and electrical costs. The article says that, "on average, owners of sustainable buildings save approximately 30% on their energy and water bills". This is one of the major ways to save money along with less overall maintenance. Most of the building materials that are deemed renewable also have the added benefit of being easier to clean and maintain which saves money and increases the overall value of the building or house.
There is really no reason why someone wouldn't want to build an eco friendly house or building because you are always saving money in the long run.
In my next blog post I will research the question: How do architects take into consideration societal/cultural trends while designing buildings?
The first is that people are rewarded with tax credits and rebates from the U.S. government if they start designing environmentally friendly buildings. These do vary from state to state but, whenever you install a renewable form of energy like wind or solar, you are eligible for some sort of tax credit; according to an article by Blue and Green Tomorrow.
The next way firms earn money is by saving on maintenance, water and electrical costs. The article says that, "on average, owners of sustainable buildings save approximately 30% on their energy and water bills". This is one of the major ways to save money along with less overall maintenance. Most of the building materials that are deemed renewable also have the added benefit of being easier to clean and maintain which saves money and increases the overall value of the building or house.
There is really no reason why someone wouldn't want to build an eco friendly house or building because you are always saving money in the long run.
In my next blog post I will research the question: How do architects take into consideration societal/cultural trends while designing buildings?
This was really interesting. It seems nowadays tons of buildings are made to be ecofriendly. Why not invest now in a higher quality so you can save money in the future? This is something all buildings should have.
ReplyDeletehigher quality building***
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