As you all know by now, December 31 marks the end of the tax rebates for upgrading your HVAC system. For those of you that can’t take advantage of these rebates because of financing issues, fear not! You, too, will have your chance!
HUD secretary Shaun Donovan has teamed up with Vice President Joe Biden and the FHA to create a pilot program offering low cost loans to make energy saving home improvements. These FHA PowerSaver loans offer another option for upgrading your HVAC system, insulation, duct sealing, doors and windows, water heaters, solar panels, and geothermal systems. The pilot program will begin in early 2011, but will only be available to well-qualified borrowers. As long as you have good credit, manageable overall debt, and some home-equity, you can qualify for a PowerSaver loan.
I have to give kudos to our government officials for helping the nation conserve energy, first with tax rebates for energy efficient upgrades and now with PowerSaver loans. I’m anxious to see what’s next! So, to all you homeowners out there – take advantage of this opportunity! As of right now, it is only slated to be available for 2 years.
For more information about the program, click here.
