In Focus: Green Mortgages 0

Americans, who make up only about 5 percent of the world’s population, consume approximately 26 percent of the energy consumed by the globe on an annual basis. As far as energy sources are concerned, this includes all of the sources that generate power like coal, oil, natural gas, and renewable alternatives. Based on the statistics, it is obvious to see that some US households take their light switches and their sockets for granted. In fact, the average US household consumes more than 440 gallons of gas and 4700 cubic feet of natural gas per year. In addition to this, the average household consumes almost 99,000 kilowatts of energy per hour per year. Compared to the average of 21,200 around the globe, it is easy to see why the government and green-minded individuals are starting to advocate a green lifestyle.

What is the Government Doing to Advocate a Green Lifestyle?

After scrutiny from all super powers around the globe, the US government is stepping into action to encourage residents to live a green lifestyle and reduce their home energy consumption. Both state governments and the Federal government are working together to develop and deploy programs to help homeowners throughout the country use more renewable resources and less non-renewable resources on a daily basis without compromising their way of life.

Each state has local and regional programs that will help homeowners become more energy efficient. The programs offered by each state will offer financial assistance, loans, grants, or tax incentives to residents who participate. Each program will promote the implementation of renewable energy into the home and will also assist the residents with energy efficiency upgrades. Not only will participants save on their energy bills over time, they will also reduce consumption and reduce their carbon footprint on the planet.

Other Options to Reduce Energy Consumption and Upgrade Your Home

In addition to taking advantage of some of the many local and state programs that are available in your area, you can also find financing to fund renovations if you do not have the available funds to do so. Green mortgages are becoming extremely popular and give those who own their home the money they need to turn the energy guzzling homes into more efficient homes.

What is a Green Mortgage?

A Green Mortgage, which is also referred to as an Energy Efficient Mortgage, is a home loan that is used specifically to make modifications to a home that will make the home more energy efficient. While a Green Mortgage is not a type of a second mortgage, it is a loan that you will take in addition to your first mortgage. You also have the option to refinance your first mortgage into a Green Mortgage if you prefer that you only make one payment on your home. Once you are approved for a Green Mortgage, you can use the money you borrow to pay for things like double-pane windows, weatherization, upgrading HVAC systems, installing solar panels, and more. The amount that you can borrow depends on how much your home is worth and Federal guidelines.

How Can a Green Mortgage Help You?

The average homeowner does not have thousands of dollars to pay for energy efficient upgrades, regardless of what incentives the government or state might offer. By qualifying for this special type of mortgage, you can make your home more energy efficient and less expensive to own. Not only will you reduce the amount of money you spend maintaining the home, you will also save on your utility bills each year.

If you are ready to reduce your carbon footprint, you have options. Decide what improvements you want to make, determine if the energy saved over the life of the improvements will be higher than the cost of the improvements, and if the numbers are right you already qualify!

Original Article on Greener.Ideal

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