ShoreBank Blog

10 Easy & Inexpensive Steps to Energy Efficiency

Tuesday, December 15th, 2009

I can’t think of many better New Year’s resolutions than one promising to make 2010 the time for improving your home’s energy efficiency. While the cold weather has descended on most regions of the country, making sure your home is well insulated and reducing energy costs never goes out of season. To help save you 25 to 45% per month on your utility bills, while protecting the planet and making your home more comfortable, I have some inexpensive and easy tips for going about it.

Getting Started: An Energy Audit
Winter is the ideal time for a certified auditor to perform a Blower Door Test which will determine how airtight your home really is.

From our experience with the ShoreBank Home Energy Conservation Loan Program, I suggest contacting a professional to perform an in-home inspection for air leaks, checking insulation and the overall efficiency of your home’s mechanicals and appliances to help determine which improvements offer the best value and environmental impact.

Insulate Your Attic
Be certain the attic hatch is well insulated. Heat loss due to poor insulation forces the furnace to work overtime, costing you more to heat your home.

Furnace
Have the furnace serviced and change its filters on a monthly basis to ensure maximum efficiency. Clogged air filters can make the heating system work harder and is more costly.

Install a Programmable Thermostat
A programmable thermostat will enable you to lower the temperature when the home is empty or in the evening while you’re asleep. And it can be adjusted for comfort when you are at home.

Check Windows
Quality storm windows not only improve energy efficiency, but also are eligible for a $1,500 tax credit in 2009 and 2010 from the federal government, thanks to the America Recovery and Reinvestment Act signed into law by President Obama last February. Plus you can include the cost of installation for these products.

Older windows can be repaired and continue to be efficient by sealing gaps with caulk, applying new glazing compound, replacing broken panes and repairing loose parts and installing weather stripping.

Decorate
One of my personal favorites, using lined draperies, working shutters or insulated shades, helps cut heat loss.

More information about energy-efficient improvements and tax credits is also available from the Alliance to Save Energy at www.ase.org.

Close Fireplace Dampers
When not in use, an open damper allows nearly 10% of the heat in your home to escape, according to “Preservation” magazine.

Caulk Opening and Holes
For areas around mail chutes, outdoor faucets, cable television and utility entrances, use exterior-grade caulking on the outside of your home.

Ceiling Fans
Set your fans to the lowest speed so the direction of rotation and the blades push the warm air down from the ceiling.

Bathroom Fans
Ensure the fans have functioning dampers to keep the cold air from coming in.

Finally, let’s make it happen in 2010. Remember, one-third of all dangerous greenhouse gas emissions released into the environment emanate from our homes. The small investment we make in improving our home is not only a good return on investment but also helps to stimulate local economies and supports good paying jobs.

Happy Holidays!

Tags: energy efficiency, Energy Tax Credits, green building, ShoreBank, triple bottom line
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Home Improvements & Happy Returns

Tuesday, September 15th, 2009

Despite current economic conditions, many home improvement projects are holding their own. And the best way to get exactly what you want in your home is to customize its features. But “custom” doesn’t mean it has to be an expensive endeavor. Instead it just might mean saving money while protecting the planet. Here are a few ideas:

Tax Credits.

By incorporating sustainable materials and energy saving products in your home improvement project, you can recoup even more of your project costs and generate a social return. Thanks to President Obama’s America Recovery and Reinvestment Act of 2009 (ARRA) that was signed into law last February, tax credits have been extended and expanded for energy-saving improvements that had expired two years ago. This will save you money at tax time!

Tax credits are available in 2009 and 2010 for 30% of the cost of energy-efficient doors and windows, insulation, air conditioners, furnaces, heat pumps, and boilers for your primary home, up to a lifetime cap of $1,500. Plus you can include the cost of installation for these products. Starting this year, solar water heaters, geothermal heat pumps, and wind energy systems are also eligible for a tax credit of up to 30% of the cost and are available until 2016. More information about energy-efficient improvements and tax credits is available from the Alliance to Save Energy at www.ase.org.

Lower Utility Bills.

By conserving energy you lower your monthly utility bills by 25% to 45%. By including double-paned windows and extra insulation in the attic you can keep cool or warm air from escaping so the HVAC system doesn’t have to work as hard to maintain the right temperature.

Healthier Environment.

And the less electricity and water you use, the less of an impact you make on the earth’s resources while also reducing the amount of greenhouse gas emissions being emitted into the environment. By some estimates, one-third of all hazardous gases are emitted by homes. To discover the more than 40 categories of Environmental Protection Agency (EPA)-approved, home-improvement products and materials like insulation, appliances, windows, siding, and more, visit www.energystar.gov.

Make it Happen.

From our experience with ShoreBank’s Home Energy Conservation Loan Program, I suggest contacting a certified home energy auditor to arrange an in-home inspection of air leaks, insulation, and overall efficiency of mechanicals and appliances to help you determine which improvements offer the best value and environmental impact.

For more information, please visit, www.sbk.com.

Tags: community development, energy conservation loans, energy efficiency, Energy Tax Credits, green banking, ShoreBank, triple bottom line
Posted in Mortgage Lending | 3 Comments »

The Sprouting of More Green for Homeowners

Tuesday, April 14th, 2009

For most of us, weatherization is something we only think about as winter approaches and we head off to our local hardware store to buy caulk, weather-stripping and plastic for our windows.  But this Earth Day, there are more reasons than ever to consider weatherizing your home this spring.

With funding for energy efficient improvements a key component to the President’s stimulus plan and a growing pot of funding from local utilities to incent homeowners to reduce energy usage, now couldn’t be a better time to save money on your utility bills and to reduce your carbon footprint.

The Department of Energy is set to soon award billions of dollars to state government agencies and local jurisdictions for energy projects – in my home state, Illinois, the State will receive over $100 million and the City of Chicago will receive tens of millions more.  Moreover, our local utilities, ComEd and Peoples Gas, will spend more than $100 million collectively on energy conservation programs, including a significant boost in spend for homeowners’ efforts.  In addition, Federal Energy Tax Credits are available for many types of energy saving upgrades.

The combined benefits can be huge.  For example, in Chicago, if a homeowner decided to insulate their attic and seal around their window, doors, and vents, and switch to a high efficiency furnace, the combined costs likely would amount to $5,000 for a typical homeowner.  The owner, however, would be eligible for $1,100 in rebates from the local gas utility and another $1,000 in federal tax credits.  So, the net cost would be only $2,900 (even before receiving other rebates, likely from the stimulus funding); but the potential savings would be upwards of $400-500 annually on their utility bills.

If the homeowner was a participant in our Homeowners Energy Conservation Loan Program, we’d throw-in another $500 voucher towards a new ENERGY STAR rated refrigerator.  In total, the rebates, tax credits and voucher would equal 50% or half of the cost of all the measures – while the homeowner gets to keep all of the savings and take satisfaction from knowing the environment is better-off and neighbors have been employed for a worthy cause.

Tags: community development, Energy Tax Credits, green banking, home affordability and stability plan, home ownership, ShoreBank, triple bottom line
Posted in Mortgage Lending | No Comments »