6 Green Home Improvements the PowerSaver Grant Can Help You Finance
Anyone considering green technologies and energy efficient home improvements knows that it tends to cost extra to "go green." It sounds great when you're thinking about taking it easy on the environment, leaving a lesser carbon-footprint. Plus it's a great bonus that so often eco-friendly upgrades end up saving you on your monthly energy bills. But the reality is that when you're looking at a price difference up-front while you're buying a home, you're likely to cut where it's not "necessary," like energy efficient upgrades.
However... What if you could finance green home improvements into the house so you could afford the monthly payments, which would in turn save you money on your monthly utility bills? Sounds good so far. But what if you also threw in a bonus of having your closing costs paid by the lender?
That's the idea behind the PowerSaver Grant from FHA through AmeriFirst Home Mortgage. This federal grant helps home buyers finance eligible energy efficient renovations into an FHA 203k mortgage, and get about $2,000 in closing costs paid.
What's covered under the PowerSaver Grant?
There are a lot of energy efficient upgrades you can do to your home. But not all of them fall under the PowerSaver Grant guidelines laid out by FHA.1) Insulation Upgrades
Attic insulation upgrades will help keep your home's heating and cooling more stable throughout the year. The following standards must be met in order to be eligible for the PowerSaver Grant.
(A) include sealing of air leakage between the attic and the conditioned space, in accordance with BPI standards or the attic portions of the DOE or EPA thermal bypass checklist or other procedures approved by the Secretary;
(B) add at least R-19 insulation to existing insulation;
(C) result in at least R-38 insulation in DOE climate zones 1 through 4 and at least R-49 insulation in DOE climate zones 5 through 8, including existing insulation, within the limits of structural capacity, except that a State, with the approval of the Secretary, may designate climate zone sub regions as a function of varying elevation
(D) cover at least--
(i) 100 percent of an accessible attic; or
(ii) 75 percent of the total conditioned footprint of the house.
Wall insulation will also help keep the elements at bay. It also helps muffle some of the outside sounds. The following standards must be met.(i) 100 percent of an accessible attic; or
(ii) 75 percent of the total conditioned footprint of the house.
(A) is installed in accordance with BPI standards or other procedures approved by the Secretary;
(B) is to full-stud thickness or adds at least R-10 of continuous insulation; and
(C) covers at least 75 percent of the total external wall area of the home.
2) Whole House Improvements
What's the point of making improvements to your heating and cooling systems if your house isn't going to keep in the warm or cool air? Whole house air sealing measures will include interior and exterior measures, utilizing sealants, caulks, insulating foams, gaskets, weather-stripping, mastics, and other building materials in accordance with BPI standards or other procedures approved by FHA.3) Storm Doors & Windows
Storm doors and windows can help make an older home more energy efficient, without replacing everything. Storm windows and doors put an extra barrier of air between your home's interior and the outside elements. Storm doors and windows must meet Energy Star specifications.4) Heating System
Upgrading your furnace and heating system to a newer model will help keep your energy costs down. It will also help keep your home temperature more stable. Heating system replacement that meets most recent Energy Star specifications.5) Roof Repair/Replacement
Believe it or not, upgrading your roof can help energy costs too! Metal or asphalt roofs that meet most recent Energy Star specifications can be eligible green home improvements under the PowerSaver Grant.6) Renewable Energy Upgrades
Wind turbine, solar panels and ground source heat pump systems are all great additions to your home when you're looking for energy efficient upgrades.A wind turbine must -
(i) have a nameplate capacity of no more than 100 kilowatts;
(ii) have performance and safety certification
a. to the International Electrotechnical Commission (IEC) standards from an accredited product certification body, or
b. the American Wind Energy Association (AWEA) standards from the Small Wind Certification Council (SWCC) or a Nationally Recognized Testing Laboratory (NRTL)
(iii) be installed by an installer with North American Board of Certified Energy Practitioners Small Wind Installer Certification or small wind turbine installation training from an accredited training organization.
Photovoltaic systems must provide electricity for the residence, and must meet applicable fire and electrical code requirement.Ground source heat pump systems must be installed in accordance with ANSI/ACCA Standard 5 QJ-2010.
More green upgrades are eligible under the PowerSaver Grant as well. To learn more about this "Go Green" option from AmeriFirst Home Mortgage, download the buyer's guide below.
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