Other Financing Options
Here are more ways to finance your weatherization job. But you must have good credit and financial discipline for these.
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“My husband and I live in a little 1930s bungalow in Middleborough Center. When we got married, I moved up from Florida. I spent one winter here, and I was like “Unh-unh!” The house was very cold and drafty. We blew insulation into the walls, ceiling, storage areas, and changed out the windows. Insulation was a life saver for me! And we spend way less on heating and cooling.”
Susan Hotchkiss, music director and former Council on Aging employee
DID YOU KNOW?
Whole-house insulation is the #1 step most homeowners can take to lower energy bills. Maybe you may have your eye on a new Ford F-150 or solar panels or a better heating/cooling system. But to get the most bang for your buck, start with insulation.
Home Equity Loans
Talk to your own bank and a couple others to compare, and see what they can offer for a home equity or home improvement loan. Interest rates right now are around 7-8%, with terms of 5 to 20 years. If you set up automatic payments from another account with the bank, you can sometimes lower that a bit. The interest should be less than what you will save on your energy bill.
Credit Cards
Some credit cards offer an intro period of 0% interest AND give cash back. If you’re very disciplined about payments and have good credit, this can be a great financing tool. For example, we found one card, the Bank of America Customized Cash Rewards, that gives 3% cash back in a category you choose, and you can choose home improvement. But read the fine print and call the bank to make sure your contractor qualifies under the bank’s “home improvement” category. Local banks also have some of these offers.
0% Loans
Middleborough residents do not qualify for the state’s 0% HEAT loan, like towns around us. Sustainable Middleborough has been advocating for a 0% interest program for energy efficiency here. We’ve been hearing that this is in the works through the state Department of Energy Resources and Energy New England. We will be keeping a close eye on it. Watch our website for updates, or contact us at sustainablemiddleborough@gmail.com to get our Google Group alerts.
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