|
|
Energy-Efficiency Financing
What is Energy Efficient Financing (EEF)?
EEF is a type of loan which allows a homeowner or home buyer to borrow more money to finance energy efficient improvements or upgrades.
How does EEF work?
Because a house that is energy efficient will have lower monthly utility bills, lending institutions are able to increase the amount of your loan in order to purchase or build a house that is more energy efficient or to pay for the cost of upgrading the efficiency of an existing residence. The cost of the improvements can be spread out over the period of the mortgage or loan. In some cases, energy efficient loans can have a lower interest rate or lower downpayment requirements.
How can EEF benefit me?
Energy efficient financing is a win-win option for consumers. Energy efficient improvements result in cash in your pocket because you save more on your utility bills than the increase in your mortgage or loan payment. This means that you save money every month! In addition, your home is now quieter, more comfortable, healthier and you have increased its value to yourself and others.
What's the catch?
Energy efficient financing is simple and easy. It differs only slightly from traditional financing methods. In order to qualify for EEF your home should have an official home energy rating (HERS) Report.
What is a HERS report ?
A home energy rating (HERS) report is a measurement of the relative efficiency of a house. The report will take into consideration the efficiency of the thermal envelope, windows, heating, ventilation, air conditioning as well as other components of the house. The report is provided by a trained professional who performs an on-site inspection of the house and its systems. The report will give an estimate of the annual energy performance and costs of the house as well as suggestions for the most cost effective energy efficient improvements.
|
|
