It’s spring and your list of home improvement projects seems to get longer each year. This season, start crossing them off with an energy-efficient loan from Travis Credit Union. Explore the long-term benefits of making home upgrades easier with an Earth-friendly loan from TCU.
What Are Energy Efficient Loans?
Energy-efficient loans are designed to fund home improvements that reduce your home’s energy consumption, saving you money and helping the environment. TCU’s Go Green and Eco-Friendly loans give you the resources to tackle various projects which can lower your energy costs and make your home more sustainable.
Why Does Energy Efficiency Matter Now More Than Ever?
Rising energy rates are a constant concern for homeowners, especially in today’s political and economic climates. By making improvements that lower energy usage and increase efficiency, homeowners can update their property and improve its value while saving money. These projects also provide more predictable monthly energy bills that help people budget better.
Eligible Upgrades Covered by the Loans
The Go Green Home Energy Financing program was created by the State of California to offer financing for residential energy upgrades. No equity is required, but the homeowner must be a PG&E customer. The Eco-Friendly Loan is offered directly through TCU and does not require a lien on your property.
These energy-efficient loans can help you with these types of upgrades and projects:
- Solar Energy or Solar Battery Bundle: Installing a solar energy system can significantly reduce your energy bill or even eliminate any electricity costs. A battery bundle can add electrical support in the event of a power outage to keep appliances running.
- HVAC: A modern heating, ventilation and air conditioning system can help reduce your energy costs by using smarter technology which greatly improves energy use. Newer systems may also come with a smart thermostat for better energy management.
- Energy-Efficient Roofing: A new roof can lower energy bills and improve energy efficiency by keeping indoor temperatures more stable and consistent. Replacing a roof on an older home will also ensure your home remains protected against wear and weather.
- Energy Star-Rated Appliances: Energy Star-rated appliances use significantly less water and power, lowering your utility bills. New refrigerators, washing machines, dryers and stoves may also come with Wi-Fi connections that let them work as smart appliances for added convenience.
- Dual-Pane Windows: Dual-pane windows reduce heat loss in the winter and deflect heat gain in the summer to help keep your indoor temperatures consistent and comfortable. They also provide better soundproofing to keep out street noise.
- Insulation: Upgrading your home’s insulation can help keep the indoor temperatures warmer in the winter and cooler in the summer. This can ensure that heated or cooled air is evenly distributed throughout your home and help prevent wasted energy.
- Electric Vehicle Charging Station: If you have an electric vehicle, installing a home charging station adds convenience by reducing your reliance on public charging stations. Some utility companies may also discount electricity rates if you charge your vehicle during off-peak periods, such as midnight.
Benefits of Energy-Efficient Loans
Selecting a TCU Go Green Loan or an Eco-Friendly Loan for your Earth-friendly upgrade can save you money, boost your home’s value and increase your comfort.
- Cost Savings: By replacing or adding energy efficient upgrades to your home, you reduce the amount of energy used and save on your utility bills. Also, you’ll save money on maintenance and repair costs.
- Boosted Home Value: A home with solar panels, high-efficiency HVAC or new Energy Star appliances can make a property more attractive to buyers in a competitive housing market.
- Increased Comfort: Modern HVAC systems can often include better filtration that reduce the amount of dust, pollution and allergens entering your home. They can also maintain consistent temperatures by reducing drafts or hot/cold spots. All of this improves your comfort.
Other Ways To Fund Your Upgrade
There are other ways to finance your upgrades besides energy-efficiency upgrades. They include a home equity line of credit, a home equity loan and a personal loan.
- Home Equity Loans: A home equity loan lets you borrow from the available equity in your home without needing to refinance your mortgage. This type of loan lets you borrow a set amount and pay it back in fixed, monthly payments over a specific term. It is a good option if you prefer stability in your rates and payments.
- Home Equity Line of Credit: A home equity line of credit or HELOC, lets you tap into your home’s equity whenever you need it over a certain period, such as 10 years, instead of receiving all the money upfront. A HELOC is practical for homeowners who want quick access to renovation funds but don’t know when they’ll need it or exactly how much it may need.
- Personal Loans: A personal loan requires no collateral and you can use the funds for any project or for another need. This loan lets you borrow a set amount of money upfront that will be repaid over a specific term at a specific rate.
How TCU Can Help
Travis Credit Union’s Energy-Efficient Loans are a great place to start on your home improvement journey. Our Go Green and Eco-Friendly Loans make it easier for homeowners, with options such as no property lien or equity required, along with no pre-payment penalties. Each loan has its own requirements so learn about them today. Visit our Energy Efficient Loans Hub and apply for your loan today!