What you need to know about green home loans and how to acquire one.
If your dream of homeownership wouldn’t be complete without energy efficient appliances and upgrades, then a green mortgage might be exactly what you’re looking for. Green home loans are designed to make it easier for the borrower to access additional funds required to make green updates in the new home. As an added bonus, many of these mortgages that fall into this category offer lower interest rates or lower fees for a home already certified as energy-efficient.
The Benefits of a Green Mortgage
With an energy-efficient mortgage, you could drastically transform your new or used home, adding anything from energy-efficient windows to solar panels, high-efficiency heating and cooling systems, added insulation, and more. Likewise, you can use an energy-efficient mortgage to purchase a home that already meets a high standard for efficiency and energy consumption.
Because you can wrap up the costs of these upgrades into the cost of your mortgage, you can pay them slowly over time. You may be able to secure a higher benefit if you can claim the mortgage tax deduction already.
In certain cases, you could even secure tax credits for installing certain energy-efficient appliances and systems in your home. Since the majority of these credits are for new purchases and installments only, you’re more likely to reap the benefits if you’re using a green mortgage to update an existing home.
Furthermore, you can also check your local utility company to see how your new upgrades might work in your favor. For example, some homes with solar panels can sell ‘unused energy’ back to the local utility company for a profit.
If you’re worried about your family’s carbon footprint and want to do everything you can preserve this planet for the next generation, building or buying an energy-efficient home is a smart move to make. With a green mortgage, achieving these goals is more affordable. Contact Dean Rathbun when it comes time to finding the perfect plan of action to buy your home. We are happy to help you.