GOLDEN, Colo., Aug. 2, 2011 (GLOBE NEWSWIRE) -- ServiceMagic released today home improvement data and nationwide survey results from the first half of 2011 showing that service requests for energy-efficient projects have substantially increased year-over-year. Requests for residential solar installations are up 52 percent nationwide as well as increases in heating (+34 percent), air conditioning (+14 percent), and window coverings (+17 percent).
The nationwide survey revealed that the majority of homeowners feel that energy efficiency is an important consideration in their home improvement projects and cited the top motivating factors as saving on energy bills (35 percent), protecting the environment (25 percent) and improving home comfort (23 percent). For homeowners who have invested in solar, cost-savings on home energy bills (29 percent) and tax benefits (21 percent) were the leading decision drivers. Thirty one percent expect to see a return on their solar investment within one to three years, followed by 29 percent who expect a return within four to six years.
"Energy efficiency is top of mind as energy costs rise and new financing and incentive programs become available in certain areas of the country," said Chris Terrill, CEO for ServiceMagic. "Homeowners are not only investing in larger projects such as solar installation but finding less costly ways such as upgrading window coverings to manage energy efficiency."
Nationally, requests for additions and remodeling projects were down 22 percent. This is the fourth consecutive quarter that home remodeling activity has declined. Quality of living continues to be a motivation for homeowners as 82 percent said they are investing in home improvement projects to increase overall living quality versus home projects that increase the home's value or curb appeal.
"We saw an increase in early 2010 for remodeling activity, particularly in kitchen and bath," Terrill continued. "The softness over the past year may be attributed to the pent-up demand from homeowners who held back during the worst years of the economic downturn."
This data is collected from ServiceMagic's Jan-June 2011 Home Remodeling and Repair Index, containing information compiled from 3.1 million service requests received through ServiceMagic's online marketplace from January to June of this year, as well as results from a survey of homeowners and service professionals conducted in July.
More Information
Home Remodeling and Repair Index Highlights
Previous Home Remodeling and Repair Indexes
Survey Methodology
This survey was conducted online by ServiceMagic, Inc. in July 2011. This survey polled 500 service professionals and 650 consumers in the ServiceMagic network.
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Contact:
Brooke Gabbert
bgabbert@servicemagic.com
303.963.8173
About ServiceMagic®, Inc
ServiceMagic is the nation's leading website connecting consumers with screened and approved, customer-rated local service professionals. An established resource for homeowners since 1999, ServiceMagic also provides an extensive collection of home improvement articles, videos and DIY tips. Stay connected to ServiceMagic on our media room, Facebook fan page and Twitter page. Headquartered in Golden, Colorado, ServiceMagic is an operating business of IAC/InterActiveCorp (Nasdaq:IACI).
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