Sustainable homes are becoming more commonplace. A lot of people with older homes have also started realizing the benefits of making their homes more energy efficient. These include increases in property value, savings on electricity and heating costs as well as the feeling of doing something positive for the environment. Making your home more energy-efficient requires that you make some changes to the home and these changes can be quite expensive. This is why a lot of people are turning to different financing options to make their homes greener. Below, we are going to look at some of these financing options.
If you want a solar system in your home but do not have the funds to install the system, you can always lease it. Solar contractors and installation companies offer solar lease options where you pay a fixed amount for having the solar in your home. Some of these options also offer lease-to-buy options where you end up owning the solar system once you have had it for some time.
PACE financing is less of a loan but more of a tax lien tied to your property taxes. The amount offered is tied to your property and is usually up to 15% of your property’s value. The financing can be used for lots of energy efficiency improvements including the installation of solar systems, electric vehicle charging stations, energy-efficient doors, windows and skylights, high-efficiency lighting, and a lot more. PACE financing is also available for older homes or new construction projects geared towards environmentally conscious new homes.
Do keep in mind that PACE financing does attract interest just like any other type of financing.
Green mortgages are somewhat new and they are a financing option that gives homeowners access to finance to enable the financing of energy-efficiency improvements for their homes. A green mortgage can cover improvements such as the installation of new doors and windows, insulation, central air improvements, solar panel installation, purchase of energy-efficient appliances, and a lot more. The thinking behind a green mortgage is that the slight increase in your mortgage premiums will be offset by the savings to get from making your home more energy-efficient.
Credit unions are working with the government to offer energy-efficient mortgages for homeowners who are interested in making their homes more energy-efficient. These mortgages are offered at very competitive rates and cover almost everything you would need to make your home energy efficient. You can find lenders in your area online or through your local government.
There are different solar and energy loan funds run by non-profits that can be accessed depending on where you live. These also offer property owners financing options to make their homes greener. To apply, you need a full home assessment as well as a plan of the changes you wish to make.
Making our homes more energy efficient is a noble goal, albeit an expensive one. To help you help your home reach net-zero, there are lots of financing options that you can take advantage of today.