Modern culture tells homeowners that the more energy-efficient their homes are, the better off the earth and their bank accounts are as well. While this may technically be true, some Carolina families simply don’t have the money to pay for energy-efficient upgrades upfront. If you fall into this category, but you’re still wanting to take steps to go green, you might have started looking into the option of refinancing.
It is important to spend plenty of time researching this possibility before signing any binding contracts with your bank or mortgage provider. In this guide, you will learn about some of the alternative options that exist for homeowners in your situation. Refinancing your mortgage is not the only way to improve your home’s energy efficiency! If none of these ideas jump out at you, consider talking to a representative at your bank.
- Rebate offers – It is not uncommon for appliance manufacturers and retailers to offer rebates on their product lines. This is a good way to save money if you can manage to pay the full cost upfront. Some rebates are significant, especially if you wait until a major shopping day, such as Black Friday or Memorial Day, to make your purchase.
- Municipal and state incentive programs – As cities and states realize the importance of green initiatives, an increasing number have begun offering tax deductions and other incentives for homeowners who make upgrades. Call your local city hall to find out more about your municipality’s policies and do research online to find out what options North Carolina and South Carolina offer at the state level.
- Use a credit card – While credit card debt is not typically a good thing, you may want to consider using a reward card or store card you already have to make energy updates to your home. Only look into this option, though, if you know you’ll be able to pay off your purchases in a timely fashion. Depending on which card you use, you may be able to use your cashback rewards toward paying down your balance or purchasing other items you’ve been wanting for your house.
- A bank loan – If you would rather not use a credit card for your upcoming renovation, but you still need immediate funds, a bank loan might be an option for you. Most banks offer both secured and unsecured loans. A secured loan allows applicants to put down collateral, even if their credit scores would not normally allow them to qualify. Secured loans are usually smaller than unsecured ones. Unsecured loans require credit checks.
It is important to understand that every Carolina family is unique, so the financing option that worked for your friends or family members might not be the right choice for you. The more research you do before starting your project, the more confident you are sure to feel about your final decision. If you have questions about any exterior renovations you are thinking about doing, such as investing in new EnergyStar rated windows, contact the Hatch Homes team. Our experts will be happy to help you!