The authors of a new survey from Pike Research, a marketing firm that analyzes business trends, forecasted that the market for energy efficient retrofits will increase dramatically over the coming years, with the number of buildings undergoing commercial remodels set to double in North America by the end of the decade.
The study looked at eight different types of commercial and public buildings and evaluated trends in the market, as well as gathered information from commercial inspectors and members of the remodeling industry to determine the long-term trajectory of their businesses.
"Many energy conservation measures can be implemented within strict investment criteria, and a growing number of financial instruments are deepening the scope of energy efficiency retrofits, driving continued investment in energy efficient HVAC, lighting and control systems," said Eric Bloom, a senior analyst for Pike Research, in a news release.
The study cited the decreased costs of energy overhauls and the long term savings that homeowners and building managers reap.
Many owners and landlords who participated in the study claimed that a big deciding factor to make their buildings more energy efficient was retaining tenants and attracting new ones. Increasingly, awareness of the production of greenhouse gases have made it harder for businesses to tolerate waste, the authors of the survey concluded.
The report, entitled "Energy Efficient Retrofits for Commercial and Public Buildings," estimates that the revenues produced through these remodels will double by 2020 to $35.3 billion.
Commercial retrofitting can reduce a building's carbon footprint and lower toxic emissions, as well as help owners save money on electric bills. Conducting a commercial inspection and an energy audit can help a business owner understand how they can do their part in helping to lower their impact on the environment.