Energy Efficiency Programs, Rebates, Credits

Energy Efficient Mortgage (EEM)

• Add up to 5% to loan amount for Energy Efficiency Improvements
• 100% Financed
• No income qualification required
• Upgrades pay for themselves
• HERS Rating and EEM Facilitator and fees required
• Energy Improvements are installed after the home records in the buyer’s name
• Appraisal automatically increases
• Health, Safety, and Energy Efficiency upgrades included
• Any improvement is eligible for financing that will increase the property’s energy efficiency and that is determined to be “cost effective”
  • Cost effective = energy savings greater than the increase of the mortgage payment
• Includes Improvements to:
  • Central Heat and Air
  • Windows
  • Hot Water Heater
  • Attic and Wall Insulation
  • Doors, Leak Repair
  • Weather Proofing
  • Lighting and Water Saving Device
• Cost may be added to the mortgage amount to the greater of 5% of the property’s value (not to exceed $8,000) or $4,000. Qualifying weatherization items can be added when they are deemed “cost effective” within EEM guidelines.

FHA Weatherization Program

• Assists homeowners in reducing the heating and cooling expense of their home
• Stand alone program or can be combined with the Energy Efficient Mortgage
• Total of the energy improvements are layered into the base loan amount
• Energy audit not required, it is a HUD/FHA assumption that the installation of the energy improvements makes them cost-effective
• Eligible repairs include:
  • Attic/Wall Insulation
  • Thermostats
  • Weather Stripping/Caulking
  • Storm Windows/Doors (Dual Pane Windows)
  • Insulation of Ducts & Pipes
  • Insulation Wrap for Water Heaters