If you have ever considered a loan for home improvements or renewable energy upgrades, you know that getting the right interest rate may make or break a project or renovation.
The Ohio Treasury (Department of Economic Development) hopes to help more homeowners complete their renewable energy and home improvement projects with ECO-Link - a partnership between the State Treasurer of Ohio and participating state banks that provides a 3% interest rate reduction bank loans when applying energy upgrades (solar, wind, efficiency upgrades) to your home. This rate reduction can be applied to loans from a few thousand dollars, up to $50,000 (in 5 or 7 year terms).
It Gets Better
Only 50% of the loan must go towards a weatherization, home efficiency, or renewable energy project. The other 50% is yours to use for anything you like - a kitchen remodel, a new screened-in porch, or any other home improvement you can imagine.
Project Eligibility 1
Eligible products (for the first 50%) and projects include, but are not limited to: washing machines, dishwashers, furnaces, hot water heaters, freezers, refrigerators, heat pumps, air conditioners, windows, doors, roofing, insulation, septic tanks, boilers, programmable thermostats, geothermal units, solar panels and small scale wind turbines.
The Process 1
Talk with a banker to determine your eligibility to qualify for a loan.
Receive a quote from a contractor or home rater.
Give your ECO-Link application along with project quotes or receipts to your lender for submission to the Ohio Treasury.
Once approved, close the loan with your bank.
The bank will then disburse the funds to you directly or hold the funds until the contractor is able to be paid.
Once the project is complete, provide your bank with proof of the project’s completion within 60 days.
The Best Part?
If you are interested in a renewable energy system, a qualifying ECO-Link loan can be used in conjunction with the 30% Federal Tax Credit for maximum savings. Unfortunately, this tax credit won’t be around forever, and will end in 2016. Learn more
If you are interested in learning more about Ohio ECO-Link, or would like to see if renewable energy is right for your home, please feel free to contact us at 614.339.1025 or visit gomodernenergy.com to learn more.