A brand new bill that is being proposed in Congress would require mortgage lenders to include expected energy-cost savings into the value of a home. This is great news for all companies who are working to pioneer the alternative energy field, as well as homeowners who are committed to living green in their own homes.
The bill would basically allow homeowners to retrofit their homes with ways to increase their energy savings, such as geothermal heat systems or new double-pane windows, and be rewarded over the life of the loan. Energy savings created by these new retrofits would be factored into home appraisals just like taxes and insurance, increasing the value of the home. It will also become a savings that the lender can recognize.
This new bill is being sponsored by Senator Michael Bennet of Colorado, and Senator Johnny Isakson of Georgia. Many builders, consumers and environmental advocates are hopeful that the bill will pass.
