Comments on: EEM Update – My Friend Perry’s New Home

By: Kerry Langley

Kerry Langley — Mon, 02 Aug 2010 19:13:20 +0000

Folks ... don't throw out the
Folks ... don't throw out the baby with the bath water ... there is help available for Perry's home ... I have been lending money for 26 years and I am always amazed that the conventional wisdom on EEM is focused on the simplest aspect of the "available funds for energy efficient improvements" ... the reality is that in the Atlanta metro area, there are two great market rate 1st mortgage strategies that Perry could use to fund so much more than the $8,000 figure being discussed ... one allows improvements up to approx $43,700, and the other allows improvements up to 50% of the value of the home (based on an after improved appraisal) ... so stop throwing the lending industry under the bus ... find a true professional and get this deal done so Perry and his family can start enjoying their great old "high performance/energy efficient" home.

If you want details on how these programs could work for you (or Perry for that matter) ... feel free to shoot me an email at "thebestloans@bellsouth.net"

By: Allison Bailes

Allison Bailes — Fri, 25 Jun 2010 20:04:52 +0000

Catherine, what I recommended
Catherine, what I recommended to Perry was to pull up the shingles and install at least R-20 foamboard on top of the decking. Then put the roofing over the foamboard. Continuous insulation eliminates thermal bridging, and foamboard performs much better than fiberglass, too.

You might be able to do something like this with your house, but as with many things, the devil's in the details, so if you decide to go this route, make sure you get somebody who knows what they're doing. If the insulation is on the top of the roof deck, you don't want any ventilation below it.

By: Catherine

Catherine — Thu, 24 Jun 2010 23:24:46 +0000

So exactly what would you do
So exactly what would you do about the uninsulated vaulted ceiling? We have the same type ceiling and in the summer it is so HOT in that room compared to other rooms of the house.

By: Allison Bailes

Allison Bailes — Wed, 26 May 2010 15:33:05 +0000

Yes, there's a limit, but
Yes, there's a limit, but what I was trying to say is that there used to be an arbitrary cap of $8000. No EEM could add more than $8000 to the loan. Now the rules make it so that the maximum amount depends on comparing three numbers and taking the lowest.

I agree with you, Jamie, that we need to find ways to allow for better financing tools so homeowners can undertake deep energy retrofits. One way is with PACE (Property Assessed Clean Energy) financing. Georgia's governor just signed a new law that will make PACE financing available here, and I'll be writing about that soon.

By: Jamie Kaye

Jamie Kaye — Tue, 25 May 2010 18:43:08 +0000

With no cap, but only $8200
With no cap, but only $8200 allowed, seems like a cap! Lending needs to loosen and allow payback (with acknowledgment of tax incentives and rebates included) to rule. Also, appraisers need to begin to give the greater value to the projects, so if a Deep Energy Retrofit was allowed and proposed on this house, that added value would help loosen the banks tightness. The banks should look at all the other benefits that will be gained as well. Just like your recent posts states, electric rates are sure to rise, so they need some way of factoring that in as well for a proposed savings.