How Green Is Your Home Loan? - Piscataqua Savings Bank

How Green Is Your Home Loan?

Go Green With Piscataqua Savings Bank

Thinking of making some energy-efficient improvements to your Seacoast area home? Piscataqua Savings Bank offers reduced rates for qualifying energy-efficient home improvements with the added benefit of borrowing from a trusted community-based lender. In addition to the positive impact on the environment, energy-efficient upgrades can help you and your family save money on utilities and can increase the value of your home. A fixed-rate home equity loan from Piscataqua Savings Bank can get you the funds you need to make upgrades now.

What’s A GreenLine Loan?

Piscataqua Savings Bank introduced a new feature to our Home Equity Line Plus (HELP) offering in 2020 as part of our commitment to our mission and values as a Certified B Corp, the GreenLine feature. As part of our commitment to having a positive impact on the environment, Piscataqua Savings Bank offers a reduced rate on the portion of a HELP line dedicated to purchasing energy-efficient home improvements or the purchase of a hybrid or electric car. 

GreenLine Eligible Products and Projects

There are many home improvement projects that may qualify for a reduced rate under the GreenLine feature including but not limited to: solar energy panels, solar water heaters, fuel cells using renewable fuels, wind (small) turbines, geothermal heat pumps, solar photovoltaics, new HVAC systems, tankless water heaters.* Especially here on the Seacoast where many homes date back past 1900, updating to energy efficient insulation (including home siding), redoing the roof, or installing energy-efficient windows, doors, and skylights can make a serious dent in your heating and cooling costs while decreasing your carbon footprint. Even purchases of a hybrid or electric vehicle may qualify for our GreenLine feature. While the GreenLine feature was created to apply to eligible portions of a HELP line, there are no restrictions on what portion of your HELP line can benefit from the reduced rate offered with the GreenLine feature. For example, if you apply for a Home Equity Line Plus to finance the addition of solar panels to your home, your entire purchase may be eligible for the reduced fixed rate of the GreenLine feature.

Craig, a recent borrower, was able to use an existing Home Equity Line of Credit to purchase solar panels and a mini split system. He and his wife then refinanced that portion of the existing HELOC into the GreenLine loan to receive the lower interest rate. “We had a ton of flexibility in terms of how long we wanted the term to be and we got the lower rate,” Craig explains. “The whole thing was a great experience. My wife and I also get the satisfaction of doing something to improve the month-to-month budget in our household while doing something positive for the environment and instilling that importance into our children with our own actions.”

Are you interested in learning more about using a Home Equity Line Plus to make energy-efficient upgrades to your home? Contact Piscataqua Savings Bank at (603) 436-5250 or visit us in person at 15 Pleasant St, Portsmouth, NH to get started.

Note: GreenLine applicants must provide a receipt for the purchase of an eligible energy efficiency product* dated no later than 60 days prior to the request for the discounted rate or, if work has not been completed, a written estimate satisfactory to Piscataqua Savings Bank from a licensed contractor for the purchase and installation of an eligible energy efficiency product. 

*Eligible Energy Efficiency Products: Solar energy panels, solar water heaters, fuel cells using renewable fuels, wind (small) turbines, geothermal heat pumps, solar photovoltaics, new HVAC systems, tankless water heaters, energy efficient insulation (including home siding), roofs (metal & asphalt), windows, doors, skylights, and electric or hybrid vehicles. Contact us at (603) 436-5250 to learn more. Eligible energy efficiency product list is current as of February 12, 2021 and is subject to change at any time.

Lender NMLS# 406100

Member FDIC | Equal Housing Lender