by Brentt Taylor, MortgageLoan.com
Homeowners are responsible for 41% of the United State’s annual energy consumption. That percentage is down from a decade ago, but it is still nearly half of all energy consumption in the United States, a striking number considering the necessary energy output for all U.S. businesses. Homes need to become more energy efficient still.
Government Support for Energy Efficiency
Regardless of your political party affiliation, you certainly have the support of your government to bring more efficient energy solutions to your home. Since 2008, major legislations have passed allowing subsidization for purchases of appliances that consume less energy and work more efficiently. The government offers tax credits for such purchases as double-paned windows, low-water-usage appliances such as dishwashers and washing machines, low-energy systems like efficient dryers and tankless water heaters and insulation. You can even take out a Green Mortgage to help you find specific home improvements fit to make your house more energy efficient. Those who believe they can’t afford new insulation are eligible, in some cases, to ball such improvement into their Green Mortgage and thereby pay a single monthly payment that’s affordable on a tight budget. The government has gone to great lengths to reduce energy expenditures in the residential district.
How A Green Mortgage Works
You’ve already pulled a first mortgage on your home, and so you think that a Green Mortgage (also known as an Energy Efficient Mortgage or EEM) would act as a second mortgage. This is not the case. The EEM is created separately from your mortgage but rolled into the original mortgage so you make only one monthly payment. If you qualified for a primary mortgage, you’ll already have qualified for an EEM. They’re insured by the Federal Housing Authority and the Veterans Association (VA). To get one, all you need to do is talk to your bank, loan association or other qualified mortgage lenders. You make the upgrades and begin saving money. Continue reading