A green mortgage, or an energy-efficient mortgage, allows borrowers to finance certain green improvements at the same rate and terms as their mortgage.
- If the home you’re considering needs various energy-efficient upgrades — as many houses do — it pays to see what a green mortgage can offer.
- For example, if a home needs a new air conditioning unit, a prospective buyer might instead consider installing a heat pump and rolling the cost into a mortgage.The residential real estate market has been volatile due to rising interest rates, but the peak spring season if challenging for buyers and sellers is here. For many potential homebuyers, a green mortgage could be a good idea, especially as incentives for energy-efficiency upgrades increase and costs of new climate technology are coming down.
- A green mortgage also known as an energy-efficient mortgage is different than a conventional mortgage in that it allows borrowers to finance certain green improvements at the same rate and terms as their home purchase. For many homebuyers this could mean making environmentally-friendly upgrades sooner than they might otherwise be able to afford, while also reducing their monthly energy costs.
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