Asheville "GREEN" Real EstateMarket Outlook-It's GREEN (Part 3) "GREEN" Financing and Tax Incentives (Part 3)
There is a bright outlook for home and land buyers here in the Greater Asheville area.
Take for example the financing power in terms of energy efficient mortgages. ..and Tax Incentives.
(photo is one I took of the Asheville sky line...there is a bright outlook here)
According to the Residential Energy Services Network: An energy mortgage is a mortgage that credits a home's energy efficiency in the home loan. There are two types of energy mortgages:
- Energy Improvement Mortgage - Finances the energy upgrades of an existing home in the mortgage loan using monthly energy savings
- Energy Efficient Mortgage - Uses the energy savings from a new energy efficient home to increase the home buying power of consumers and capitalizes the energy savings in the appraisal
An energy mortgage is credits a home's energy efficiency in the loan.
Not long ago one of our clients obtained such a loan through a lender who is on the Green Referral Team we enjoy working with here in Asheville. The home they chose went through a HERS Rating process and was shown to be energy efficient. That meant that they could buy a higher quality home because of the lower monthly costs of heating and cooling the home.
On the "green upFit" side another client chose to purchase a home where the energy efficiency was just calling out to be improved. In that case, the loan concept allowed for money saved in monthly utility bills to finance energy improvements.
2009 Obama Stimulus Package according to Earth2Tech means thisfor eco-friendly buyers and investors:
- The stimulus package expands tax credits for more energy-efficient appliances and insulation improvements, for a value of $2 billion over 10 years.
- It also provides $300 million in matching funds for state rebates on energy efficient appliances and increases government spending on weatherization for low- and middle-income homes (annual income of $32,000 or so for a family of four, depending on the state, according to CNNMoney) to $5 billion, up from the current $500 million per year.
- Public housing projects get $250 million for energy-saving upgrades.
2009 Obama Plan according to Energy Star offers credits for energy efficient home improvements
The highlights are: The tax credits that were previously effective for 2009, have been extended to 2010 as well. The tax credit has been raised from 10% to 30%. The tax credits that were for a specific dollar amount (ex $300 for a CAC), have been converted to 30% of the cost. The maximum credit has been raised from $500 to $1500 for the two years (2009-2010). However, some improvements such as geothermal heat pumps, solar water heaters, and solar panels are not subject to the $1,500 maximum. The $200 cap on windows has been removed.
Federal Tax Credits for Energy Efficiency includes: Tax Credits for Consumers Home Improvements Windows and Doors Insulation HVAC Geothermal Heat Pumps Water Heaters Biomass Stoves Solar Energy Systems Small Wind Energy Systems Fuel Cells
All commercial and private buildings are eligible for a 10% grant in lieu of tax credit for the total cost of installing geothermal systems
But how does it affect you? Let me know....and look for Part 4 for more on this subject
Curious about sustainable Green real estate possibilities ? Simply pedal on over to Convivial Blogger Greenolina's "Green Wheels" BLOG and SUBSCRIBE
(*)/'(*) .......... ............to keep on rolling into the sustainable world you can create today and tomorrow!. ......................... .............
Asheville "GREEN" Real Estate and Relocation: MARKET OUTLOOK-It's GREEN (Part 3).The Eco-Steward Firm, ALL Eco-Certified® Real Estate Consultants! Copyright © 2009 All Rights Reserved
A Note to Buyers and Investors.
FOR OBJECTIVE REAL ESTATE COUNSEL from Eco Certified ©Real Estate Consultants contact our Eco-Friendly Team via email links here, or at 828-255-1082 . ... design your dream , give us your checklist , or start by simply seeing Asheville, North Carolina on one of our GREEN ARROW "Just Looking" "green" LIMO Tours .
The ECO Certified ® Real Estate Consultants at The ECO Steward Real Estate Firm specialize in working with eco-developers and LAND for sale in the Greater Asheville, North Carolina area. We are excited about value-added, ECO-friendly properties, and focus on positive futures. Our real estate practice inspires property investments for wealth of the generous kind
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