Does anyone know of any great loans

[FourScore]

that are available to consumers who want to modernize their home with green technologies?

Any help would be GREATLY aprreciated!

[sinkingfeeling]

1. There's a meager tax credit through next year (?) for solar panels and such.

[FourScore]

2. Thanks. I'm not really looking for tax incentives.

I'm more interested in actual loans that target helping the consumer implement green technologies...

[rox63]

3. Depending on which state you live in

there may be grants or low-interest loans availabe through your state govt.

[jobycom]

4. No, but check with your city and state to see if they have anything.

A lot of cities and states have rebates, and maybe even loan programs.

You can of course get a loan to do anything, but I'm assuming you want some type of secured, long-term loan with a low interest rate, as opposed to a generic unsecured loan. A couple of years ago when I was trying to get a home improvement loan based on the increased equity on my house that the improvements would bring, I saw several web sites that specifically excluded conversions to solar or non-traditional power sources. The reason is that these improvements don't increase the equity enough to cover potential losses. So, if you have a $100,000 house, and you get a $15,000 solar cell and battery system, your house won't sell for $115,000. On top of that, the cells and batteries deteriorate over the years, so in 15 years they may need to be replaced, wiping out any equity increase and requiring another loan. That's their logic, I'm sure you can see holes in it.

Anyway, because of that, you had to either get a no-secured loan, which obviously has higher interest and a shorter payback term, or you just had to get a home equity loan on the equity in your house. The latter is the best way to go, if you have the equity, because it will give you the best terms, and if your city gives rebates or incentives (some cities even buy back electricity if you produce more than you use), you can come out nicely.

Now, this was a couple of years ago, and there is good and bad news in it. The bad is, of course, lenders were hesitant to loan money for solar power. The good news is that enough people had to be asking for it to justify their making a specific denial for it. That means there is a demand, and so someone may have come up with options by now.

A great resource for loan information is bankrate.com. They can show you who has the best rates and lowest costs for each loan. I found a credit union in DC with incredible rates. It's for military families, but one of their membership requirement options was membership in a "friends of armed services" type of organization. I joined that organization for $20 bucks, and was qualified.

Just some info. Sorry if it's all stuff you already know. I'm bored at work, so typing all this stuff keeps me awake. Thanks for being my cup of coffee this morning. :)

[FourScore]

8. That's pretty interesting that they excluded

conversions to solar, etc. I wonder if it has changed much in the past two years.

BTW, good morning and happy to keep you busy!:D

[northzax]

5. I am willing to arrange a short term

high interest loan with no collatoral, if you'd like! there is no credit check, no ugly forms to fill out nothing. we do business with a handshake and a smile.

seriously though, a home equity loan is probably your best bet, combined with the tax credits and other issues.

[seemunkee]

6. Not sure if it fits your needs but do a search on energy mortgage

It takes into considereation how much you will save with the upgrades. You will need to have an energy audit by a RESNET-accredited HERS auditor.

[FourScore]

9. Will do. Thanks. n/t

[NMDemDist2]

7. check it out

http://www.natresnet.org/lender/lhandbook/fnm_loan.htm

[FourScore]

10. Excellent! Thanks! n/t