Your home’s future looks bright: Get to know our Clean Energy Mortgage Program
Installing solar energy could be a powerful way to lower your electric bill, add value to your home, and reduce your carbon footprint. If you want to take the first step towards making your home more energy efficient (while possibly trimming your finances in the process) our Clean Energy Mortgage Program can help.
Designed for homebuyers and homeowners who are looking to go green (or existing homeowners who already have), the program supports solar and green energy investments and renovations in your home. We dig into how it works, what you need to take part, and how it could potentially help you reduce both your expenses and your carbon footprint.
For homebuyers looking to go green
Given the advancing age of many homes on the market, it’s rare for home shoppers who are excited about green energy to find homes to buy with existing solar or green systems already installed. But through our Clean Energy Mortgage Program, homebuyers don’t need to choose between their energy preference and their dream home, and can include the costs of installation into their home financing.
For existing homeowners looking to go green
For existing homeowners who are excited about making the shift to green and renewable energy sources for their home (and the potential reduction in electric bills), our Clean Energy Mortgage Program can help support the installation of these energy solutions through a cash-out refinance.
For existing homeowners who already have gone green
One drawback to installing solar panels is that in many cases they can require financing with high interest rates. But through our Clean Energy Mortgage Program, homeowners can consolidate their existing high-cost solar loans and refinance to a potentially lower rate.
What kinds of properties can qualify?
In order to qualify under the Clean Energy Mortgage Program, the property must meet certain eligibility criteria. First off, the property must have a certified presence of a Solar or Geothermal Energy solution (or a signed contract for the home improvement). In addition, it must meet one of the following eligibility criteria:
- The property has to have an existing solar panel/geothermal energy that is owned free and clear by the borrower
- The property has to have an existing, leased solar panel/geothermal energy, with a valid lease agreement or Power Purchase agreement
- The property has to have an existing and financed solar panel/geothermal energy system, which the borrower will pay off with cash-out proceeds from a new loan. (For these conditions, subordinations are not permitted.)
- The borrower’s transaction is a cash-out refinance, for home improvement to install solar/geothermal energy
- The borrower’s transaction is a Purchase or Rate & Term Refinance, and borrower uses their own funds to install solar/geothermal energy. (Funds used must be sourced and seasoned.)
To learn more about the program and if it might be a good fit for your needs, reach out to one of our experienced loan officers today.