Use The Equity In Your Home For
Energy Saving Improvements
Energy Saving Improvements
Did you know that there are ways to use the equity in your home for purchases and projects that may add value to your home and help you save money?
With a Home Equity Line of Credit from CommonWealth, you can borrow any amount, at any time, for any purpose, up to 80% of the equity in your property. Lines range from $10,000 to $500,000 and you can stretch out your payments within the 10-year draw and 20-year repayment period.
HELOCs are great for remodeling projects and consolidating debt, but there are also several things you can use them for that will help you reduce your energy costs and save money as well!
- Solar Panels — Solar panels are a great investment to reduce energy costs and add value to your home. They provide clean, free energy for years to come, but typically have high upfront costs — making a HELOC a great option
- New Heating and Cooling Systems — Temperature systems account for about 56% of the energy in a typical U.S. home, so updating them can save you a lot. You can retrofit or replace your furnace or broiler, depending on how much longer your current system should last and how much each option costs. New heating systems can achieve an efficiency of up to 97%.
- New Appliances — Appliances account for 20% of energy use in a typical U.S. home. old ones can be energy hogs. To find energy-efficient products, look for the Energy Star label. For more information, check www.energystar.gov.