Creative Ways To Finance Your Eco-Friendly Home Upgrade
As humans who inhabit this planet, it’s up to us to find ways to reduce our energy and emission output to help protect the environment that we live in. Many individuals have been taking advantage of the recent increase in time spent at home to upgrade their homes. If you’re considering jumping on this bandwagon, try to find ways to make these upgrades more eco-friendly.
Energy-efficient upgrades can be beneficial not only for the environment but for your wallet as well. 68% of residential energy in America is wasted. Because of this, you may want to consider having an energy audit completed on your house. This process could help uncover areas within your home where energy is wasted. Many of these issues might even have surprisingly simple fixes.
Once you’ve decided to upgrade your home to an eco-friendly habitat, it’s time to consider how you’ll afford these upgrades. For many, this task might sound daunting and expensive, so we’ve put together a list of creative ways to finance your eco-friendly home upgrades.
Start With Easy And Affordable Upgrades
Swapping out incandescent bulbs for LED bulbs, weather stripping windows or trading out your shower head for a low-flow head are low-maintenance yet practical and affordable projects. The best part of making these small and quick updates is the change you’ll start to see within a few billing cycles. When considering investing in any new light bulbs or other household appliances, look for the official Energy Star Label, which signifies a government-backed product ranked well for energy efficiency.
Practice Living A More Eco-Conscious Lifestyle
Reducing your energy consumption by living more eco-consciously could also be a beneficial way to save money on home energy upgrades. When you reduce the amount of energy you’re consuming, you’ll ultimately need to spend less on upgrades. For many individuals, this only requires a mindful shift in everyday habits. Unplugging electronics, turning off the lights and taking shorter showers are just a few ways to reduce your daily energy consumption.
Living more eco-consciously can also be fun and rewarding for the whole family to get involved with. Starting a compost is an excellent example of a fun activity for children to work on. Teaching children what can go into the compost, how this helps reduce our carbon footprint and how to use the fertile soil produced from the compost to build a vegetable garden can be exciting summer learning activities that’ll help curb boredom.
Use Your Home’s Equity
When it comes to more substantial green updates on your house, such as replacing older structures, fixing ventilation leaks or investing in costly appliance upgrades, you may consider using a loan. One loan option that’s great for home upgrades is a home equity loan. These loans allow you to borrow a certain amount of credit against your home’s equity value. This type of loan is a strong option for borrowers who’ve built enough equity on their home value. The investment offset from savings on your energy bills due to the green updates can help pay off the loan – a win-win for any homeowner looking to make worthwhile investments.
Consider Taking Out A Personal Loan
Another suitable option for financing your eco-friendly home upgrades is a personal loan. There are no stipulations on what these loans can be used for, and they’re available through many banks and credit unions. Before signing up for any loan, always talk to a financial advisor to ensure you have the right qualifications needed and a firm plan to pay the loan off after borrowing.
Look Into Energy Efficient Incentive Programs
An additional option available for homeowners looking into energy-efficient upgrades is government incentive programs. These can be found at the federal, state and even local levels. Applying for these programs can help offset the costs of making these upgrades to your home by offering tax credits, rebates and savings. Research the options available in your area to see what programs might benefit your specific home upgrade plans.
No matter what option you choose to use to finance your eco-friendly home upgrades, now is a great time to make more conscious actions that’ll help lower your energy costs and protect the environment. Don’t let these upgrades intimidate you. There are many resources and programs available to help you make effective changes.