Financing
In these times, in this economy, financing can be difficult. But, there are programs like the FHA Energy Efficiency Incentive Mortgage that can finance up to twenty (20%) above the appraised price of the residence being purchased to promote installing energy saving fixtures, appliances, and energy systems. This program is for home purchase and/or refinancing of existing mortgages. The funds are available at about five (5%) percent currently (July 2009).
HUD/FHA Energy Efficient Mortgage Program
Equity financing is available on home equity BUT did you know that it is also available on automobile equity? If you own a vehicle some banks will take that ownership interest as collateral for home energy improvements.
Here's an article from "The Daily Green" web site illustrating green mortgages.
"LIVING GREEN > Ecopedia
Green Mortgages
By Sally Deneen
So you'd like to lower your screamingly awful utility bills and help the environment by installing double-paned windows and ceiling insulation, but you don't know how on Earth to cover the cost right now, even though the improvements eventually pay for themselves and then some. One possibility is to refinance your house with a "green mortgage." Or you could buy an already-energy-efficient home with a "green mortgage."A green mortgage simply is a type of mortgage that provides you a money-saving discount or a bigger loan than normally permitted as a reward for making energy-efficient improvements or for buying a home that meets particular energy-efficiency standards. So, it's easier for you to qualify for a loan. Green mortgages hinge on the principle that a more energy-efficient home means lower utility bills and, as a result, greater income, qualifying a prospective homeowner to buy a more expensive house. Officially, the mortgages often are called Energy Efficient Mortgages (EEMs) or Energy Improvement Mortgages (EIMs).
Example: When Patricia and Mynette Theard bought a home, their lender made it possible to add ceiling, floor and furnace duct insulation by adding $2,300 to their loan – bumping it from $142,500 to $144,800. That raised their monthly mortgage by $17, but their utility bills dropped by $45 monthly. (See their brief story here: www.pueblo.gsa.gov/cic_text/housing/energy_mort/energy-mortgage.htm)
For more info:
* Going Green to Save Some Green: online.wsj.com/public/article/SB118955748175824511.html
* Energy Efficient Mortgage Home Owner Guide: www.pueblo.gsa.gov/cic_text/housing/energy_mort/energy-mortgage.htm
* Go green with your mortgage: money.cnn.com/2005/11/02/real_estate/green_mortgages/index.htm
* Home guru Bob Vila summarizes the nuts and bolts of green loans here: finance.bobvila.com/Tip/689.html
More from The Daily Green: www.thedailygreen.com/2007/04/18/green-mortgage/894/
Read more: http://www.thedailygreen.com/living-green/definitions/green-mortgages#ixzz0KPJXJxJE&C"
There are also unsecured revolving lines of credit that work like credit card accounts. And there are credit cards that can cover the cost of small solar systems as well.
California has passed Assembly Bill 811 (AB 811) which allows municipalities throughout the State to create municipal bonds which can be sold to the bond market and the money raised is used to offset some or all of solar system installation costs. The principal and interest are paid back over twenty (20) years in the form of a small, monthly property tax payment. NOTE: While these are great programs it is not clear when your city, town, or municipality will put together a bond program and issue the bonds. It might be implemented differently -- IF at all -- in you location.
While you wait the Incentives Go Down, the Electricity Rates Go Up, and Solar Panels become more expensive because we are in a period of over-production and surplus supply which will only last several more months this year; that's the sad facts of the matter. So, Act Now is not an advertising or marketing ploy it is the reality of the marketplace today.
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