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The new PowerSaver loan program provides homeowners with the resources they need to invest in their home’s energy efficiency. Energy efficiency improvements increase the value of your property and provides immediate savings in electricity, gas and oil bills. However, not all home improvement projects are eligible for a PowerSaver program. Although clear guidelines have not been published yet, the FHA press release clearly states that only home improvement projects which have a proven record of increasing the efficiency of a home will be eligible.
This article will look into some of the most popular and effective energy-saving projects. We will look into the cost, savings, ROI and how long you will have to wait to recoup your costs. Nobody can guarantee at this moment which specific projects will be approved by the FHA, but you can be sure these improvements do provide significant savings.
Heat rises, and if your attic is not insulated it will continue to rise through your roof, at your expense. Insulate your attic. On average, it will take around 17 months to recover the cost of your investment.
Fireplace Pillow-stops Air Leakage.
Although not an obvious concern, your fireplace can be a source of wasted energy. Carry out some basic improvements on your fireplace and you will save big in the long run. According to estimates by Portland General Electric, insulating your fireplace will give you a 91 percent return on your investment without including the increase in the value of your home. You will repay for your initial investment in only 13 months.
New Central Air Conditioner
The U.S Department of Energy has published guidelines and tips to help you save on your heating and air conditioning bills. If you buy a central air conditioning unit you can expect to save over $1,700 in energy bills over the unit’s lifecycle.
Energy Star Appliances
Appliances do not count as a home improvement but can help you save big on energy bills. Just buying an energy star compliant refrigerator can save you over $2,000 throughout its lifetime.
Renewable Energy Units
Install solar panels on your roof or fix a wind turbine for extra savings. Renewable energy plants will not only increase the value of your home, you can even sell energy back to the grid if your output is high enough. Renewable energy units have an extra benefit, if you decide to finance their installation with a PowerSaver loan. The FHA has announced that PowerSaver loans used to finance renewable energy plants can apply for loan terms of up to 20 years, 5 years more than standard PowerSaver loans.
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