Getting Credit for Getting Efficient
Bank of America's environment friendly mortgage discount program offers homebuyers up to a $1,000 credit toward closing costs if their newly constructed property meets ENERGY STAR® energy-efficiency requirements. The Energy Credit Mortgage is an important part of Bank of America's $20-billion dollar initiative supporting the growth of environmentally sustainable business activity to address global climate change.
To earn the ENERGY STAR, a home must meet strict guidelines for energy efficiency. New homes must be at least 15 percent more energy efficient than houses built to the 2004 International Residential Code (IRC). In addition, homes must include other energy-saving features that make them 20 percent to 30 percent more efficient than a standard house. ENERGY STAR homes incorporate features such as effective insulation, high-performance windows, tight construction and efficient heating and cooling equipment. Homes may also be equipped with energy-efficient appliances, lighting fixtures and bulbs, among other qualified products.
ENERGY STAR, a joint program of the U.S. Environmental Protection Agency and the U.S. Department of Energy, has been gaining increased interest from homebuilder, homebuyers, lender and realtors, and now represents about 10 percent of new home construction. The number of ENERGY STAR homebuilder partners increased from 229 in July 2007 to 3,119 in June 2008. By the end of 2007, nearly 840,000 U.S. homes have met ENERGY STAR standards.
Bank of America's energy credit mortgage product positions our business to make notable contributions to the preservation of the environment and raise awareness among our valued customers on the importance of energy efficiency.
"As an ENERGY STAR partner, Bank of America is helping homebuyers purchase a new generation of homes that help protect our environment through energy efficiency," said Kathleen Hogan, Director for EPA's Climate Change Partnerships Division. "By encouraging consumers to purchase ENERGY STAR qualified homes, Bank of America is helping to improve the efficiency and comfort of our nation's homes, while also reducing greenhouse gas emissions."
Quick Facts
- Bank of America has teamed up with Energy Star to create the Environment Friendly Mortgage Discount Program.
- Bank of America offers homebuyers up to a $1,000 credit to closing costs if their newly constructed property meets ENERGY STAR(r) energy efficiency requirements.
- Energy efficiency Research indicates that homebuyers are placing increased importance on energy efficiency and environmentally friendly design.
