“Green Mortgage” is starting to make a noise as more and more Americans are becoming increasingly concerned about how their lifestyle affect the environment. Green Mortgage is a program that helps transform conventional residences into more energy-efficient units.
Many mortgage programs now allow these upgrades to be done in homes. If you plan to buy a property, may it be new or not, you can tap on to these funds to do some necessary changes.
Green Homeownership Saves You Energy and Money
One example is the Energy Efficient Mortgage or the EEM. With an EEM loan, you can either buy or refinance a home that is currently energy-efficient or purchase or refinance your current loan to transform your living space a more earth-friendly dwelling.
Ultimately, the goal is to allow energy-saving home improvements to significantly lower the utility costs. When utility costs are lowered, the US Federal Housing Administration believes that families will be able to afford their monthly mortgage payments more.
The Tax Benefits and Other Incentives of an Energy-Efficient Home
These kinds of home improvements don’t come cheap. Having a residential rooftop solar system installed, for one, will set you back around $20,000 to $25,000. Because of this, many financing programs and incentives were designed to help offset the cost.
There are different financial assistances homeowners can take advantage of. This may come in the form of incentives through tax rebates and credits. Several Federal and State incentives are drafted to help compensate for the said expenses.
In the State of Iowa, for example, an 18% individual tax credit is given to those whose homes have solar energy systems. A taxpayer may be able to claim this benefit for each separate and distinct solar system placement.
Another Home Loan Lender Embraces Green Mortgage
Not only homes are being transformed into green living spaces; Embrace Home Loans have also launched its “Going Green” initiative. It will soon have solar panels installed on its roofs, which is said to help Embrace save around $ 2 Million in 25 years time.
This green project is expected to lower operations cost and fuel consumption, making the facility energy-efficient. It will be the first in Rhode Island to take part of the new Commercial Property Assessed Clean Energy (C-PACE). “Rhode Island is a leader in renewable energy and Embrace wants to be a good steward of our environment,” Embrace Home Loans Vice President Deanna Roy said.
This campaign towards “going green” and becoming environmentally responsible may hopefully inspire more homeowners and future homebuyers to make better and greener choices for their homes.
Embark on your journey towards a greener homeownership today! Make the Earth smile with a home that cares for the environment.