Living : Money :

Wondering how to pay for all your Home Energy Week improvements?

03.23.2006

Submitted by idealbite on Thu, 03/23/2006 - 6:00pm.
The Bite:

Biter home owners, you could qualify for an Energy Efficient Mortgage (EEM) to help finance energy efficiency improvement projects.  Lenders calculate future home energy savings, holding up to 15% of the home's future appraised value in escrow to cover the cost of energy upgrades.

The Benefits: 
  • Energy improvements save you a lotta green in the long run - one third to one half on your monthly energy bill.
  • Increase the appraised resale value of your house by as much as 15%.
  • Through the Energy Policy Act, Uncle Sam gives tax credits to homeowners who conserve energy.
  • It’s easier than you think.  Just get a home energy audit to see what you need to do, and contact a lender to see about refinancing for your improvements.
Personally Speaking: 
Neither of us has plans to refinance anytime soon (well, Heather would like to just “finance” for the first time).  But we will go green when we do…
Wanna Try: 
  • Indigo Financial Group - the go-to place when it comes EEM for both existing and new homes.
  • Fannie Mae - learn more about EEMs and other programs associated with the Housing and Environment Initiative straight from the horse's mouth.

Cocktail Fact

The Federal National Mortgage Association (aka: Fannie Mae) was created by U.S. Congress in 1938 to help the housing industry during the Depression. It turned private in 1968.

Bang For The Bite

The average U.S. home uses the energy equivalent of 1,253 gallons of oil every year.  If 10,000 Biters converted to Energy Star-qualified homes, each year the collective effect would be equivalent to removing 3,000 cars from the road

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