Energy-Efficient Mortgages: Part Two

Part two of my series over green mortgages covers how you get one.


Today is part two of my series on energy-efficient mortgages. I’ve already explained what it is and who qualifies for it. This time I will discuss how you get an energy-efficient mortgage. 


First, you will have to have a home energy assessment or audit. It will have to be done by a qualified energy rater who will do a number of things including a blower door test. This assessment will tell you how energy-efficient the home is, provide a list of improvements, and associate a cost with them. If you are buying an energy-efficient home, the blower door test will give the house a home-energy rating, or HER score.


“Most of the time, despite the payments being higher, you can save money through an energy-efficient mortgage.”


The cost of the upgrades from the assessment will be used by the lender to determine the energy-efficient part of the mortgage. Most of the time, despite the mortgage being higher, you can save money through this mortgage. In the example on the chart, despite the mortgage being around $9,000 more and the monthly payments being $55 higher, the savings from energy bills results in $21 less per month to own the home. This figure is called the total cost of ownership.


If you’re confused what a green mortgage is, please watch part one of this series on my website. I also recommend checking out this link if you want to learn more. If you have any further questions about this topic or anything else real estate-related, please don’t hesitate to give me a call. I’m always happy to help.

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