Energy efficient home improvements can be more valuable in the long run than mere cosmetic changes. Better yet, your wallet will like them too!
If you’re planning to refinance your mortgage, consider borrowing more than the amount needed to pay off your existing mortgage, and use the extra cash to make energy-efficiency home improvements. Here’s why.
You’ll gain two benefits:
Interest paid on your home mortgage is usually tax deductible as is interest on home equity loans.
Energy-efficient home improvements will immediately lower your monthly energy bills.
Just like the real costs of owning a car includes operating expenses, the same is true for a home. Rising utility costs must be factored into the costs of owning home.
When you are buying, selling, refinancing, or remodeling your home, you can increase your comfort and save money by using the Energy Efficient Mortgage (EEM). It can be applied to most home mortgages. EEMs provide the borrower with special benefits when purchasing a home that is energy efficient, or can be made efficient through the installation of energy-saving improvements.