With Earth Day right around the corner, it just might be the perfect time to finally purchase that fuel-efficient vehicle or energy-saving product you have been dreaming about. Energy-saving cars and home additions can help you do your part in reducing your carbon footprint, but like any new and effective product, they can cost some serious cash. To encourage our members to take advantage of the fuel-efficient machines on the market, we’re proud to offer an energy-efficient loan program. Going green has never been so easy!
What is a Green Loan?
The Loan Market Association defines a green loan as any type of loan instrument made available exclusively to finance or refinance, in whole or in part, new and/or existing eligible Green Projects. When talking about green projects, purchases like energy-efficient vehicles or solar panels may come to mind. While these products certainly qualify for a green loan, the categories of eligible green projects include a wide variety of range. Energy Star appliances (refrigerators, washing machines, dishwashers), LED lighting, composting, and even community garden maintenance are all categorized as green projects.
What Are the Benefits of a Green Project?
By now, you may be aware that the goal of a green project is to avoid waste and reduce the pollution that is emitted from non-renewable energy sources. The road to maintaining our beautiful Earth’s health and cleanliness begins with the decision of an individual, and we all have a responsibility to contribute! But did you know that taking out a green loan to finance your energy-efficient projects can help you save the Earth and save some change? Immediate savings can be contributed to the lower energy and/or water bills you will encounter by simply switching to renewable resources. On top of that, an energy-efficient house will increase the home’s overall market value. If you’re interested in a loan on a fuel-efficient vehicle like a hybrid or an electric car, Members 1st will apply a discount of 1.00% APR as long as your miles per gallon (city) is 25 or more.
A major benefit of green loans is the fact that you don’t have to hold home equity or present cash upfront to utilize them. With Members 1st of NJ’s energy-efficient loan program, you can expect a 7.50% APR for up to 60 months. To learn more about how you can access a green loan, call one of our Members 1st branch locations or apply online today!