|
Eligible borrowers:
People and businesses
Eligible systems:
Solar thermal, PV (grid-tied, with 10-year payback limit);
measures increasing energy efficiency by 30% over code
Loan Amount
No limit
Interest Rates:
Market rates with discounts available on some Energy Star home
loans
Collateral:
First mortgage to
120%
For more Info:
(888) STAR-YES
www.epa.gov |
|
The Environmental
Protection Agency (EPA) moves into the 21st century with a
blueprint for achieving vital public health and environmental
protections for U.S. citizens over the next five years. This
includes continuing EPA's mission to protect human health and
safeguard the natural environment (air, water, and land) upon
which life depends.
Environmental protection
contributes to making our communities and ecosystems diverse,
sustainable, and economically productive. The Environmental
Financing Program seeks to increase environmental investments
by creating partnerships with states, local governments, and
the private sector to fund environmental programs and
projects.
The Energy Star Financing
Program works with lenders to provide special financing for
buyers of Energy Star rated homes. The Energy Star Homes
Program encourages builders to construct homes that are 30%
more energy efficient than homes built to the model energy
code. Some Energy Star rated builders are including solar
thermal and photovoltaic systems.
Currently, three national
lenders and several regional lenders are offering Energy Star
mortgages. These involve special underwriting guidelines that
allow home buyers to purchase homes with mortgages 10% to 24%
higher than they would have qualified if the home were not
Energy Star rated.
In addition, several
Energy Star lenders offer cash discounts at closing that cut
closing costs almost in half. All offer competitive interest
rates. Even without these special mortgages, an Energy Star
rated home provides energy savings that benefit home buyers
financially. The monthly energy savings on an Energy Star
rated home translate into to point off the interest rate on a
30-year mortgage. EPA/DOE studies indicate that the value of a
home increases from $11 to $25 for every $1 reduction in
annual utility bills.
Information Provided by the U.S. Department of Energy
Return
to: Lending Information |
