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In this study, the economic feasibility of green remodeling (GR), which could improve the health, safety, and energy of elderly households considering social cost, was analyzed. As a result, the net present value of GR was ‘−10,267 USD (49.7%)’, which was found to be uneconomical compared to the total construction cost (20,981 USD, 100%) despite benefits of energy saving, carbon reduction, and air pollutant reduction. Based on this result, in order to expand GR for low-income elderly households, who cannot afford to perform GR, a GR support measure linked to the currently implemented energy conversion and old-age housing support policies was proposed. It allows the government to perform GR for low-income elderly households with 1/4 of the total construction cost. This result could revitalize GR to reduce greenhouse gas and contribute to housing stability for low-income elderly households who are vulnerable to COVID-19 and climate change.