Should You Get an Eco Technology Loan?

Eco Technology LoanDo you have an older home?  If you do, you know all of the quirks an older home can have–newspapers stuffed into walls instead of the insulation we use today, old windows that let in drafts and are not energy efficient, sloped floors and crooked doors that let air in.  You know what I’m talking about. 

If you’re house isn’t that old, you still likely could find things that you’d like to change about it to make it more energy efficient.

You may drive down the highway and see houses with solar panels and wish that you, too, could install them and begin to live a more eco-friendly life.  You know that once the panels are installed, you’ll save money, just like you know if you insulate your house better and replace drafty old windows you’ll make not only a difference in the environment, but in your wallet.

The problem is that making energy efficient changes cost money upfront that you may not have.  But there is a solution you may not have heard about: eco technology loans.

What Is an Eco Technology Loan?

Simply put, eco technology loans are ones you can get specifically to make your home more energy efficient.

How It Works

There are companies that offer loans with competitive prices so you can finance your projects to make your home more energy efficient.  Because these companies can be a peer-to-peer lenders (meaning the money comes from other individuals, not an institution), they can offer a competitive interest rate.

Often these types of loans offer the borrower the chance to pay off the loan early with no penalties.

What Countries Offer Eco Technology Loans

Many developed countries offer these types of eco technology loans.  You can simply search the Internet for “loans for solar panels” to see if your country is one of them.  You can easily find many companies in Canada, the United States and England that over these types of loans.  Some countries may also offer a rebate or a tax credit for making your home more energy efficient.

Why Get an Eco Technology Loan?

Take out a loan to make your home more energy efficient?  Is that financially responsible?  While many people may view installing solar panels or more insulation a luxury or something “extra” to do if you have the money available, the truth is, doing so can save you a great deal of money.  Replacing all the windows in your home can be very expensive and may run you $20,000 or more.

Yet, making eco friendly changes to your home can result in immediate savings.  You may be able to recoup your initial investment, depending on how large, in just four to ten years.  Then, you’ll continue to  benefit for years beyond that.

We’d say that is a worthwhile investment, even one worth financing to get it done.

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1 comment to Should You Get an Eco Technology Loan?

  • Marie @ GradMoneyMatters

    I have read that installing solar panels are pretty expensive, but you can really save with your electricity bill per month. I saw in a news that one family in our country uses solar panels and it’s very useful, especially they belong to a power outage area.

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