How an Energy Efficient Mortgage can Pay for your Geothermal System:
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How an Energy Effcient Mortgage Can Pay for Your Geothermal System Without Increasing Your Monthly Payments
So What Exactly is an Energy Efficient Mortgage Anyway?
An Energy Efficient Mortgage, also called an EEM, increases the purchasing power of buying a geothermal system by allowing the lender to increase the borrowerï¿½s income by a dollar amount equal to your estimated energy savings. A Fannie Mae loan also adjusts the homeï¿½s value to reflect the added value of a geothermal system.
As an example, letï¿½s suppose your are building or renovating a home valued at $350,000. Letï¿½s also assume that your new geothermal heating and cooling system will cost about $17,500 more then a conventional gas furnace with standard air conditioning. In our example you might expect your monthly average heating, cooling and hot water costs to be about $300. With a modern geothermal system those same heating cooling and hot water costs might be only $100/month. Thatï¿½s a savings of around $200/month.
In addition, if your new home incorporated upgraded insulation, windows and lighting you would be entitled to an estimated Federal Tax Credit of around $800.
Remember, this is only an example. You should contact a qualified green mortgage (EEM) loan expert to help you with your EEM. Likewise, you should consult your tax planer with questions about Federal Tax Credits. And of course you should contact Mega Air, Inc. for an estimate of the expected energy savings for your particular building.
EEM Fast Facts
EEMï¿½s use your monthly energy savings to increase both the value of your home and the loan amount you qualify for. This allows you to pay for your geothermal system without increasing your total monthly outlay.
_ Other energy saving upgrades such as insulation, windows and lighting can also be used as part of an EEA affordability analysis.
_ The lender will require your energy upgrades to be documented by a certified HERS inspector. Ask your loan officer if you will be required to pay for this inspection.
_ EEMï¿½s can be used for new construction or renovating an older home.
_ EEMï¿½s can be conventional (30 or 15 year fixed), FHA or VA.
_ Ask us to recommend an EEM mortgage professional for you.