For about 15 years I’ve been hearing about energy efficient mortgages. That is mortgages that are set up to encourage energy efficient improvements or designs.
Well it appears that we should utilize one of these for our Ann Arbor solar project, but even though I’m a mortgage expert I don’t know anyone personally who has experience with these.
So, a new research project. Here are the links I’ve found so far:
This is from 2009 and is fairly useful: http://www.emagazine.com/view/?4738&src= It mentions a $8,000 cap for FHA but also mentions an additional $4,000 for weatherization.
Federal Citizens Information Center in Pueblo: http://www.pueblo.gsa.gov/cic_text/housing/fin-energy-eff/eff.html
Example: http://www.pueblo.gsa.gov/cic_text/housing/fin-energy-eff/feehome_emm.html
Notes on Fannie Mae Program: www.p2pays.org/ref/19/18219.pdf
Residential Energy Services Network information on mortages: http://resnet.us/mortgages
FHA mortgage letters, guidelines, and example: http://resnet.us/ratings/fha_guidelines
http://www.greenmortgagecompany.com/documents/US-C-218-3659.pdf
Fannie Mae Energy Addendum Form: http://www.greenmortgagecompany.com/documents/US-C-218-3659.pdf
http://www.dsireusa.org/incentives/incentive.cfm?Incentive_Code=US36F&re=1&ee=1
Not terribly useful article on FHA EEMs: http://www.fha.com/fha_article.cfm?id=69
FHA pages: http://www.fhasecure.gov/offices/hsg/sfh/eem/eemhog96.cfm
http://www.fhasecure.gov/offices/hsg/sfh/eem/energy-r.cfm
Judging from this it looks like FHA limits the improvement cost to 5% of the median area price. ($165,000 in Ann Arbor), this means about $8,000 which isn’t going to buy many solar cells!
This site discusses the Energy Star mortgage which is a pilot program in a couple states. (not Michigan) http://energyprograms.org/index.html
Good Fannie Mae presentation from 2003: http://www.docstoc.com/docs/2967012/Energy-Efficient-Mortgage-Michelle-Desiderio-Fannie-Mae-April-Energy-Efficient
FHA site including their EEM letters: http://www.hud.gov/offices/hsg/sfh/eem/eemlette.cfm
FHA fact sheet that says if homeowner has the skills that lender may allow homeowner to provide the labor: http://www.docstoc.com/docs/38235736/FHAs-Energy-Efficient-Mortgage-(EEM)-Fact-Sheet (There are a lot of good EEM documents on this site. Search for Energy Efficient Mortgage.
Here are some interesting energy saving window panels that can take a single pain of glass up to energy star standards with just an interior storm window: http://www.windotherm.com/
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