Home Equity Loan from U.S. Bank for Colorado Green Projects
A home equity loan program has been launched by U.S. Bank in Colorado for homeowners who plan to make green improvements in their homes. Qualified projects would enable owners to take out a home equity loan or a line of credit at rates lower by three-eighths percent than standard home equity loan rates.
Qualified energy efficient home improvement projects include improvements on windows, doors, insulation, ventilation, heating, roofing, air conditioning and water heaters and the incorporation of biomass stoves, solar energy systems, fuel cells and ground source heat pumping systems.
In addition to benefitting from the U.S. Bank loan program, energy efficient home improvement efforts may also benefit from existing energy efficiency tax credits.
According to Lisa O’Brien, environmental affairs director at U.S. Bank, the bank is committed to helping homeowners create or use environmentally friendly goods and services in order to help protect the environment.
She said that the green auto loan launched by the bank in April was successful so they have decided to launch a program for green home improvement. She hoped the home equity loan program will contribute significantly to the promotion of environmental protection efforts.
Hassan Salem, head of U.S. Bank in Denver, said the bank chose to launch the initiative in Colorado because the state has been leading other states in the promotion of energy efficient home construction. Residents of Colorado are also known for their love of green living and the outdoors. A rising number of consumers have also been taking advantage of existing energy efficiency tax rebates and incentives.
To make its pilot program more effective in promoting energy efficient living, U.S. Bank coordinated with the Colorado Governor’s Energy Office and with State Representative Joe Miklosi and State Senator Gail Schwartz. The support of government officials for the program would step up publicity for the loan promotion.
Tom Plant, director of GEO, said that the selection of Colorado as the pilot state for the U.S. Bank program is another indication of the effectiveness of Governor Bill Ritter’s New Energy Economy initiative. He added that green home improvement directly improves energy consumption levels.
U.S. Bank, which is the sixth biggest commercial bank in the U.S., runs 2,850 bank branches and 5,173 ATM units in 24 states. Its parent company U.S. Bancorp has $266 billion in total assets. In addition to providing banking, mortgage, brokerage, insurance, payment and trust services, U.S. Bank now offers its innovative energy efficient home equity loan program.
