Energy-Efficient Home Improvement Loans
An energy-efficient home is a financially efficient home, which is what motivates most people to make energy-efficient improvements or repairs in their homes. However, the hefty price tag of these energy-saving improvements often discourages or deters homeowners, even if the long-term savings justify the initial expense.
That’s why we’re introducing energy-efficient home improvement loans, which are specifically designed to help you implement energy-efficiency upgrades or repairs to your home, reduce your utility bills, and save money in the process.
What Are Energy-Efficient Home Improvement Loans?
Energy-efficient home improvement loans are financing options that are designed to help homeowners fund home improvement projects that would enhance their home’s energy efficiency.
This type of financial product often comes with more favorable terms, such as reasonable loan amounts at lower interest rates or longer repayment periods, thus encouraging homeowners to upgrade their homes and reduce their energy consumption and their energy bills.
These improvement loans typically base their eligibility on the Department of Energy Weatherization Assistance Program and are often used to implement energy-efficient upgrades. This includes updating the heat pumps and cooling systems (HVAC), investing in LED lighting, energy-efficient windows and doors, or installing weatherproofing on your home.
However, it’s also worth noting that not all energy-efficiency programs are eligible for government rebates or energy-efficiency financing options, which is why it’s important to check your eligibility with your lender before actually starting the upgrades.
Benefits of Energy-Efficient Home Improvement Loans
Energy-efficient loans offer numerous benefits, including improving the energy efficiency of your home and reducing your utility bill. The same primary considerations apply to other types of loans, such as interest rates and repayment terms.
Fortunately, both home energy-efficiency mortgages and home energy-efficiency loans feature lower interest rates and longer repayment terms compared to typical loans obtained from traditional lenders or online lenders. These loans are similar to home improvement loans used by homeowners for decades.
The benefits extend beyond financing options; there are financial incentives for homeowners to invest in energy-efficient upgrades and renewable and clean energy sources (such as solar panels) in the form of reduced energy and utility bills.
However, while you can tap into the financial well without having to tap into your home equity, you still have to hire an energy audit service to audit your home and prove to the lender that an energy-efficiency upgrade to your home will be cost-effective to warrant the approval of a loan program.
Learn About Our Energy-Efficient Home Improvement Loans
Our energy-efficient home improvement loans are designed to finance the upgrades to your home’s energy performance and provide long-term savings at an affordable rate and manageable monthly loan payments.
Additionally, we’ve partnered with local, certified contractors to offer our clients a wide variety of energy-efficient solutions that range from small-scale projects like mold remediation and insulation to window and door replacement and central air conditioning and solar panel installation—the latter are particularly sizable projects.
Summary
River City FCU is a DCFI and MDI-certified credit union that offers sensible financial products regardless of citizenship status and a focus on serving financially underserved communities. If you want to learn more about home energy-efficient loans and e-home improvements, don’t hesitate to contact them and inquire further.