Savings Opportunities for Energy-Efficient Home Upgrades
After spending months in your home or apartment, are you eager to tackle home improvement projects to enhance the comfort of your space? You’re in good company. According to a recent survey, the COVID-19 pandemic inspired 79 percent of homeowners to consider making renovations to help them enjoy their homes more, with 24 percent wanting to improve lighting. Investing in energy efficiency upgrades is a great way to enhance the environment of your home, reduce your energy costs and help the environment. From financing options to rebates and discounts, Eversource has a variety of tools and resources to help make home improvement projects affordable for everyone.
- Loans and Financing Options
Energy Efficient Mortgages (EEMs) are a federally recognized financing solution that can be applied to most mortgages and offer exclusive benefits to homeowners who make energy efficiency improvements. A key feature of this mortgage is that borrowers who plan to make energy efficiency upgrades can receive a larger loan amount without needing to requalify or provide another down payment. Another perk of financing through EEMs is that unlike paying for the energy efficiency upgrades with a credit card, bank loan, or cash, borrowers can deduct the mortgage payment interest from their taxes.
Homeowners can also fund a project through an FHA Title 1 Home Improvement Loan, which can be combined with Rehabilitation Mortgage Insurance, allowing homeowners to finance up to $35,000 for repairs or upgrades to their home, including energy-saving improvements.
In addition to federally recognized financing opportunities, homeowners have a variety of options available at the state level to help achieve a cost-effective, energy-efficient home.
In New Hampshire, Eversource, an NHSaves utility partner, offers the Residential Energy Efficiency Loan Program. This option allows qualified customers to finance all or part of their energy efficiency home upgrades through a low 2% interest loan (or 0% for qualified moderate-income customers) with local lending partners. The loan can be used for weatherization and other energy-saving improvements recommended during an in-home energy assessment. Eversource also offers on-bill financing at 0% for qualified energy efficiency improvements up to $2,000.
Qualified residents in New Hampshire can take advantage of the Home Performance with ENERGY STAR® program, which is a comprehensive, whole-house approach to optimize energy efficiency and comfort. The program has also been updated to include a no-cost virtual pre-assessment so that you can have the initial assessment done over the phone or by video. Following the virtual visit, you will receive customized recommendations for energy-saving upgrades. During your in-home visit, you may qualify for rebates and incentives to help with the suggested improvements.
- Rebates & Discounts
Once you’ve considered your financing options and received a home energy assessment, you should take a look at what rebates and product-specific discounts you qualify for. These offers can help with the upfront costs of incorporating energy-efficient equipment into your home. Visit the NHSaves website to take advantage of the rebates and incentives that are available for Eversource customers.
Eversource offers rebates on equipment that meets ENERGY STAR® standards and helps homeowners save on their energy bills. The savings opportunities range from $20 to $500 and include upgrades to clothes washers and dryers, lighting, thermostats, pool pumps, refrigerators, as well as heating cooling and water heating equipment. We have also upgraded our refrigerator and freezer recycling program for a limited time to provide you with a $60 rebate when you schedule your no-cost appliance pickup. Additionally, through the Home Performance with ENERGY STAR program, you may qualify for access to 0% on-bill financing and a limited time offer of up to 90% off an approved insulation project and $8,000 in overall rebates and incentives.
The path to a greener, more cost-effective and comfortable lifestyle can start at home with improvements made more affordable through financing and incentives. To get started, check out Eversource’s free online planning tool and create a home energy savings plan of your own. You can learn about other ways to reduce your energy costs and impact on the environment by visiting the Save Money and Energy section of Eversource.com.
Save a Kilowatt With Kate
Kate Peters is Eversource’s energy efficiency spokesperson in New Hampshire. If you’re a member of the media and would like to arrange an interview with Kate, please contact a member of the Media Relations team.