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FOR IMMEDIATE RELEASE CONTACT: Energy Programs Consortium Launches ENERGY STAR® Mortgage Groundbreaking Program Will Help Maine Homeowners Lower Energy Costs; (Washington, D.C.) – Starting this month, Maine homeowners who want to slash their heating and electricity bills and obtain affordable financing for big energy-saving home improvements can apply for an ENERGY STAR® Mortgage, under a first-in-the nation program just launched by the Energy Programs Consortium (EPC) and the Maine State Housing Agency. “The cost of borrowing extra money to weatherize your home is more than paid for by lower energy costs,” said MaineHousing Director Dale McCormick. “We are honored to be approved as an ENERGY STAR Partner and to promote ENERGY STAR mortgages.” The ENERGY STAR Mortgage incorporates the cost of energy-efficiency investments into the total lending package, so that borrowers can pay for those investments over the life of their loans and deduct the interest from their federal and state income taxes. One of the key benefits of the ENERGY STAR mortgage is that borrowers will be able to make energy-saving improvements to their homes without paying more than they would for a typical refinance. Borrowers will also receive an additional financial benefit above and beyond the home energy savings, such as a discount in mortgage rates, reduced loan fees, assistance with closing costs, or other benefits. The ENERGY STAR Mortgage Program is a collaborative effort between EPC, the U.S. Department of Energy, the U.S. Environmental Protection Agency and state energy and housing agencies, with support from the Ford and Surdna Foundations. Maine is the first state in the country to offer the ENERGY STAR mortgage to consumers under the current program. Additional states, including Colorado, Massachusetts, New Jersey, New York and Pennsylvania – plus the District of Columbia -- are expected to launch the program later this year. “ENERGY STAR-qualified products and homes help homeowners reduce their energy consumption and save money on utility bills while helping to protect the environment,” said David Lee, Branch Chief of ENERGY STAR’s Residential Branch. “It is our intention that the ENERGY STAR Mortgage Program will provide homeowners at all income levels with the financing they need to invest in energy-efficient homes.” "The Department of Energy commends the ten-state consortium for their commitment to the homebuyers in their states. By providing a way for existing homeowners or prospective homebuyers to finance energy efficiency measures as part of their mortgage or refinance, this program makes it possible for many homeowners who otherwise could not afford to make energy efficiency improvements to reduce their energy bills for years to come," said Gil Sperling, DOE's Weatherization and Intergovernmental Program Manager. "Deducting the interest on their taxes and offering an energy efficient home at time of sale are two bonuses that serve the owner and community. At the same time the program will make important contributions to our national goals to combat climate change, reduce imported oil and improve the affordability of energy. " An ENERGY STAR Mortgage is a critical tool for many families looking to reduce expenses during today’s challenging economic climate. This innovative mortgage product offers homeowners an unprecedented opportunity to lower energy costs, while making significant, affordable weatherization improvements to their homes. An ENERGY STAR Mortgage will enable homeowners to obtain a minimum 20% savings in home energy usage, through the installation of energy efficient windows, better insulation, or other weatherization measures. The retrofits will also lead to a reduction in the overall carbon emissions associated with a home’s energy use. ENERGY STAR is a U.S. government-sponsored program that identifies and promotes energy efficient products, including homes and other buildings. In 2007 alone, ENERGY STAR helped Americans save $16 billion on their utility bills and reduce an amount of greenhouse-gas emissions that was equivalent to taking 27 million vehicles off the roads. “Loans that include energy efficiency with ENERGY STAR standards engage families directly as stakeholders in efforts to reduce home energy use, minimize unsustainable housing cost burdens, improve the safety and soundness of homes, and put low-income families on a path toward financial security,” said George McCarthy, Director of Urban Regeneration at the Ford Foundation. “At the same time, the ENERGY STAR Mortgage Program improves loan performance for investors and stabilizes homeownership across income groups. We hope that the program will also provide a platform for trade in emerging carbon markets and introduce another important funding source for community development efforts.” Additional details about the ENERGY STAR Mortgage Program are available on the EPC Web site at ### |