Fund Energy Saving Upgrades with an Energy Efficient Mortgage
Find Out Where YOUR Home is Losing Energy:
So you'd like to improve the energy efficiency of your home, but you're not sure where you're going to get the money. Look no further than your home's equity. An energy efficient mortgage can provide the funds you need to finance the project, and can help you save money in the long run.
What is an Energy Efficient Mortgage?
An energy efficient mortgage is a federally recognized home loan where borrowers must use the funds for energy efficient remodeling or to purchase energy efficient appliances. Energy efficient loans are also available for purchasing or building homes that meet energy efficiency standards. Energy efficient mortgages are available in conventional and government loan programs, and homeowners are able to add an energy efficient mortgage on to their current home loans.
Benefits of Efficient Mortgages
The main benefit of an energy efficient mortgage is tax deductible interest (in most cases). Another benefit is gaining access to funds you may not qualify for otherwise. And you'll be able to make upgrades to your home that reduce your monthly energy bills, improve your indoor comfort and help the environment.
Before Applying for an Energy Efficient Mortgage
Before applying for an energy efficient mortgage, you'll need to have an energy assessment performed on your home by a certified home energy rater. The rater will determine your home's current level of energy efficiency, and estimate its efficiency rating after various energy saving upgrades have been performed. You'll also receive an estimate of your lower monthly energy costs after the upgrades, which you can use to demonstrate to your lender how the savings from your lower energy bills will be able to cover the additional mortgage expense.
A home energy assessment will cost between $100 and $400, depending on the size of your home. In some cases, the homeowner is required to pay for the audit out of pocket, and in other cases the lender will pay for the audit. Or you may be able to finance the cost of the audit into the mortgage.
Are You Eligible for an Energy Efficient Mortgage?
The criteria used to qualify for energy efficient mortgages are similar to any other home loan. If you qualify for a regular mortgage, you will qualify for an energy efficient mortgage. There are no other special criteria for qualification. Whether yours is a new home, an older home or a new construction property, you're able to qualify for an energy efficient mortgage. The benefits you receive, however, may vary based on your home's energy rating.
If you want to save energy, lower your energy bills, improve your comfort and reduce your impact on the environment, consider applying for an energy efficient mortgage. You may be able to finance the entire monthly loan payment with savings from your energy bills. In many cases, homeowners save more on their energy bills than the cost of the (tax deductable) loan, so they come out ahead.
Schedule an energy assessment with a certified home energy assessor.
Home Energy Efficiency Tips:
- General Energy Saving Solutions The Energy Star Program
- Simple Energy Saving Strategies Home Insulation
- Home Assessment Overview Energy Features, Green Your Home
- Energy Efficiency Mortgages & Grants Energy Efficient Mortgage
We were unaware of what was involved in an energy audit and your audior took the time to explain everything. We were impressed with the report which told us the areas in which we need to take action on. He never pressured us to use any particular contractors, he just suggested that we go to the Building Energy Pros web site to select contractors of our own choice. He did an excellent job and we HIGHLY recommend the Building Energy Pros. We already have recommended them to several of our neighbors. Again, EXCELLENT JOB!
The Building Energy Pros auditor was very knowledgeable. I was VERY HAPPY with him. He promptly E-mailed my energy audit report to me and I will consider all of his recommendations.
We found out that our house really has no energy problems. We are happy to know that we
I was very satisfied with your energy auditor. He was very qualified and spent a great deal of time with me. The energy audit was very informative.
The energy auditor was very good and helpful. He keeps in touch with me to answer any of my questions.
I was very satisfied with my energy audit. The auditor gave me some tips on attic insulation that were very helpful.
I was very satisfied with my energy audit. Thank you!
Very good service! I am going to replace the windows as the auditor had suggested.
I was very happy with the energy audit. THANKS!
My energy audit was very helpful. Joe Dempsey, your auditor, identified some structural problems that I was not aware of and explained to me why I need more insulation.
The auditor was EXCELLENT! He spent ALOT of time with me. I am going to take 3 to 4 of his suggestions and correct these small items to save on my energy bills.
The auditor did a GREAT JOB! He knew a lot about older homes, which we have. The report was very comprehensive. Thank you!
Your energy auditor was very nice and helpful. He answered all of our questions. We will recommend Building Energy Pros to our friends and neighbors.
The auditor did a TERRIFIC JOB! The report was FANTASTIC! I will make all the repairs he suggested. I will definitely recommend him to everyone I know that could benefit from a home energy audit.
Steve Sleigh, Chevy Chase
The energy auditor was very professional and I am very satisfied with both the energy audit and the report I received. I will be referring the Building Energy Pros.
I was very satisfied with the auditor. He was great and gave me some very valuable information. I will refer him to people I know who may need a home energy audit.
Your home energy audit proved to be very informative and helpful. I was not aware of the updraft created inside our walls because of the balloon framing construction. You said that that can cause heat to be pulled out of the house with the draft going up inside the walls and should be re-mediated. You also said that the attic insulation was insufficient and that fiberglass batts can leave spaces for around the edges causing heat loss and that it should have blown in insulation on top of what was there to seal the whole attic and increase the r factor. After going over your findings and telling me how you would fix the problems you told me how I could do it myself with stuff from the Home Center and for a quarter of the cost. Well, I did. I went into the basement and filled the bottom of the wall joist with unfaced insulation where they set on the sill plate. I then cut one inch foam board the size for each space and set it in and the sealed the edges of that with expanding foam as well as the sill plate to the foundation. I also sealed the sill plate to the foundation where the joist ran along it, as well as the top of those joist where it made contact with the subflooring. Next I went to the home center and rented their blown insulation machine and got ten bales of the insulation. I filled the attic on top of the batt insulation with about six inches giving another r-19 factor on top of the r-19 that was there. You said that the blown in would also help seal the heat loss around the edges of the batt. The work in the basement cost $144.00 and the work in the attic cost $328.00. After the 30% federal energy tax credit it will end up costing me about $330.00, which you said I should recover in savings in the first year. Thank You for all your advice and expertise. You made me aware of things I should consider and did.