Redfin Becomes First Real Estate Site to Add Energy Cost Estimates for U.S. Homes

Rhea-AI Summary

Redfin (NASDAQ: RDFN) has announced a new feature that provides energy cost estimates for over 85 million homes across the U.S., powered by a partnership with WattBuy. This addition allows users to better estimate their monthly electricity usage and bills, and evaluates potential savings from installing solar panels. This initiative aims to help homebuyers make informed decisions regarding living costs and sustainability. Redfin emphasizes the importance of transparent utility costs as part of its commitment to enhancing real estate information and promoting energy efficiency.

Positive

• New energy cost estimates available for over 85 million homes, enhancing customer decision-making.
• Partnership with WattBuy provides comprehensive data on utility costs and potential solar savings.

Negative

• None.

Powered by a partnership with WattBuy, the feature also estimates how much homeowners could save in energy costs by adding solar panels

SEATTLE--(BUSINESS WIRE)-- (NASDAQ: RDFN) — Redfin (www.redfin.com), the technology-powered real estate company, today added energy cost estimates for more than 85 million homes across the U.S. Through a partnership with energy software company WattBuy, consumers can now use Redfin to better understand the costs of living in a home, including utility bills that can be tricky to predict but meaningfully contribute to a homeowner’s total monthly costs.

Redfin.com now displays energy cost estimates for homes in the U.S. (Photo: Business Wire)

Each eligible Redfin home detail page now displays an estimate for the home’s monthly electricity usage, bill, and seasonal changes in electricity usage and cost. It also estimates how much homeowners could save on long-term energy costs by installing solar panels. The feature is located directly below Redfin’s existing payment calculator, allowing buyers to better understand and compare financial costs between homes and helping homeowners discover whether investing in solar energy systems could result in long-term savings.

“It’s important for house hunters to understand how much it's going to cost to live in a given home,” said Redfin Chief Growth Officer Christian Taubman. “Our research shows that many movers assume their utility costs will be similar in their new home, but that's sometimes way off-base. By showing this information from WattBuy for every home, we’re giving homebuyers the information they need to make better decisions. We're also letting millions of homeowners know how much they can bring down their utility costs by installing solar panels."

Redfin now displays energy cost information on both for-sale and off-market homes and the experience is tuned to each different type of user. The feature highlights estimated electricity costs for buyers visiting for-sale homes and solar savings for owners visiting off-market detail pages, helping consumers understand the information that is most relevant to them. The feature is currently available for more than 85 million U.S. homes on Redfin.com.

“As forward-thinking businesses like Redfin realize how important energy cost reductions, rooftop solar, and sustainability solutions are to their customers, WattBuy is meeting this new need,” said Naman Trivedi, WattBuy CEO. “Our APIs make it simple for consumer-facing companies to help their customers understand current energy usage and take the steps needed to lower their energy costs and their carbon footprint. As the technology-powered real estate company, Redfin was the obvious partner to debut this new feature.”

Redfin added utility data as part of its continued commitment to providing the most complete and relevant real estate information, as well as its ongoing effort to educate consumers about housing sustainability and the impacts of climate change. In the past year, Redfin has, among other initiatives:

• Added zoning, down payment assistance, transit and internet service provider data to home detail pages
• Launched new filters that allow buyers to identify homes that better meet their needs
• Introduced property-level data for fire, heat, drought and storm risk
• Continued economic research about how climate change impacts the housing market

About Redfin

Redfin (www.redfin.com) is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, title insurance, and renovations services. We sell homes for more money and charge half the fee. We also run the country's #1 real estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 5,000 people.

For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin's press release distribution list, email press@redfin.com. To view Redfin's press center, click here.

About WattBuy

WattBuy empowers consumers to make smarter, cleaner energy choices through its marketplace of electricity solutions. The company's comprehensive set of APIs helps leading real estate platforms, insurance companies, and consumer enterprises provide their customers with clean energy solutions and personalized energy analytics. For more information about WattBuy, please visit https://wattbuy.com/

Redfin-F

View source version on businesswire.com: https://www.businesswire.com/news/home/20230112005139/en/

Contact Redfin

Redfin Journalist Services:

Erin Osgood, 206-588-6863

press@redfin.com

Source: Redfin

FAQ

What new feature has Redfin introduced for homebuyers?

Redfin has introduced energy cost estimates for over 85 million homes in the U.S., which includes monthly electricity usage and potential savings from solar panels.

How can energy cost estimates impact homebuyers?

Energy cost estimates help homebuyers understand monthly living costs, allowing for better financial planning and decision-making when purchasing a home.

What is the benefit of the partnership between Redfin and WattBuy?

The partnership enables Redfin to provide accurate energy cost data, helping consumers make informed decisions regarding energy efficiency and potential savings through solar energy.

How does Redfin enhance its real estate offerings?

By adding utility data and energy cost estimates, Redfin aims to provide a more comprehensive view of living costs, contributing to informed homebuying choices.