Residential Solar Energy Financing

Residential Solar Energy Financing

 

Although competition drives down prices, solar panel systems can force you to leave with a lot of change. Fortunately, the mortgage industry wants to talk to you.

Residential Solar Energy Financing

If you are thinking of improving your home with a solar panel system or with the new thin and hot solar roof system, you have to learn three small letters - E ... E ... Mr. EEM stands for Energy Saving Mortgage. It also means that you will avoid additional costs to improve your home with a solar system.

Energy efficient mortgages have been created thanks to a government boost to lenders to promote the use of solar energy as a source of energy. In other words, the government has asked lenders to do that and to do it now. So what exactly is an energy efficient mortgage? Glad you asked.

An energy efficient mortgage loan is a loan that allows you to integrate the cost of your solar improvements into your mortgage loan. Upgrades can cost up to 15% of the total value of your home. The lender will calculate the energy savings for your home because of the new solar system and add it to the total value of the loan, allowing you to borrow more than normal. In other words, regardless of the current equity of your home, solar financing is added to the loan. This, of course, allows you to get a solar system without too much expense and recover a good part of the cost through an increased deduction of mortgage interest. Add tax credits, rebates, and incentives for net billing, and solar power becomes extremely cheap if you know how to make the system work.

Energy efficient mortgages have very few restrictions. You can get them for new construction or for existing homes. The can be issued for single-family residents, duplexes, condos, etc.

Frankly, a mortgage for energy efficiency is obvious. Ask your lender for more information about the program so you can find out how to take advantage of a solar home improvement.

 

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