Money Quote: Energy-Efficient Mortgages
Photo by Springsun, under a Creative Commons license. Lordy, I love this house.
Good to know! From the May/June 2007 issue of Sierra:
An energy-efficient mortgage saves energy and money—and increases your buying power. A household with a monthly income of $5,000 can afford a $227,300 mortgage at 6.25 percent interest, according to the Federal Citizen Information Center. With an energy-efficient mortgage, however, the same household may qualify for a loan about $16,000 larger because its utility bills will be lower.1
Go to energystar.gov and search for “energy-efficient mortgage.”
1The magazine quotes a real-estate agent in Madison, Wisconsin, who says, “The average monthly heating bill for an old house downtown is $250, compared with $50 for an Energy Star home. We had a young couple who wanted to live in a place where they could walk or bike to work. But they didn’t know if they could afford th energy bills for an old home. Our green mortgage enabled them to buy downtown.”
Ellen M said,
May 4, 2007 at 10:58 am
Love that house! Where is it?