Green Mortgage

Eco House Agent, United Kingdom

Green Mortgage Guide to Green Mortgages / Energy Efficient Mortgages



What’s a “Green Mortgage”? It is a term that many, even the most environmentally focused of us, have not heard before. And it’s not what you might think. It is not a marketing or public relations effort. It is a program backed by private and government mortgage programs designed to help you make your home more energy efficient.

Green, or “Energy efficient” mortgages, let you borrow extra money to pay for energy efficient upgrades to your current home or a new or old home that you plan to buy. The result is a more environmentally friendly living space that uses fewer resources for heating and cooling and has dramatically lower utility costs. The types of things that are covered include upgrades that you may have thought you couldn’t afford like double paned windows, tankless water heaters, modern HVAC systems, and new insulation.

At this time, Energy Efficient Mortgages aren’t second mortgages. Though they are created separately from your primary mortgage, they are ultimately rolled into your primary mortgage—so you only make only one payment per month.

Like most people these days, you probably already do your share of “green” practices like recycling and turning off the water when you brush your teeth. But you probably thought that really big things, like renovating or upgrading your home to make it more energy efficient were financially out of your reach.

Here are a few facts that will give you an idea of how upgrading your home can help save you a lot of money and reduce your home’s carbon footprint:

·      Overall, heating and cooling accounts for 50–70% of the total energy used in the average American home.

·      60% of the existing homes in the US are not properly insulated.

·      Updating your home’s insulation can save you up to 20% on heating and cooling costs or up to 10% of your total yearly energy bill.

·      According to the Department of Energy, energy loss from outdated windows accounts for nearly 25% of the annual heating and cooling costs for the average American home.

·      Even the most basic double-paned window can reduce energy use by up to 24% in cold climates during the winter and by up to 18% in hot climates during the summer.

·      In houses with central air and heating, about 20% of the air is lost due to faulty, outdated duct work.

·      A new Energy Star-rated dishwasher can save you up to 13 energy (the dishwasher accounts for 2% of your gas or electric bill) and as much as 1,200 gallons of water a year.

·      Programmable thermostats can save about 2% on heating bills and more than 3% on cooling bills. These numbers can translate into savings of up to $180 a year.

Green mortgages are a concrete way for families to both save money and make a large scale change in the way that they live their lives in regard to the environment. Green Mortgages, either as part of a mortgage refinance or added on to a new mortgage, are a smart way to pay for energy efficient features to your current house, a house that you plan to buy, or to get credit for the features that your new home already has.


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