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Federal Tax Incentives
Keep in mind that the tax credit limit is for all improvements performed on a home combined, including, roofing, HVAC, insulation, doors, windows and water heaters. The tax credit is for 30% of the cost of the improvements, and up to $1500. The labor and installation of retrofits are not included in this calculation. For more information on any of the following you can contact Ideal Energy for further questions or you can visit the following link:
http://www.energystar.gov and http://www.dsireusa.org
EIMs and EEMsEnergy Efficient Mortgages and Energy Improvement Mortgages both require a home energy rating to help the lender estimate your monthly energy savings, and to verify that your home is indeed energy efficient. The following table compares the two mortgages types:
| Energy Improvement Mortgage |
Energy Efficient
Mortgage |
• Finances energy improvements through your mortgage loan
• Takes in account how much money you will save by having retrofits done
• Does not increase your down payment |
• Is typically for purchasing new homes that are already energy efficient.
• Can be used for existing energy efficient homes
• Increases your purchasing power (the thought is, if you save money on your utility bills, you will have more money in your pocket to pay your mortgage) |
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