Now is a great time to refinance your home and take advantage of historically low interest rates, even with potential fees or costs involved. Whether you want to lock in a better rate on your existing mortgage, pay off your home faster with a shorter term, use your home’s equity to pay down other debts, or invest further in your home, refinancing could very well be a smart option. Experts expect the number of people refinancing their home loans to surge to a 17 year high in 2020, which means lots of people are taking advantage of the rate drop. Anyone not getting the best interest rates are spending hundreds or even thousands of dollars each year unnecessarily. To most people, it will seem obvious to looking into refinancing a mortgage while rates are low. But you may not know that there are even more savings to be captured.
Refinancing your home is often the best way to fund a new geothermal system. For example, if your geothermal system costs $20,000 and you re-finance your home with a 30-year loan at 3.5%, your monthly payment will be about $90.00. In most cases, you will immediately save at least $90.00 per month in decreased oil, propane and electrical costs. Additionally, in 2020, you may also be eligible for a 26% Federal Income Tax Credit, or $5,200! This credit alone is enough to pay for a geothermal loan costs for almost five years.
In addition to “going green”, a geothermal system can cut energy consumption by 20-50% and also reduce maintenance costs from traditional systems. These systems efficiently use the earth’s relatively constant temperature to provide heating, cooling, and hot water for homes. They can be installed in a residential structure of any size, anywhere.
So while you are taking advantage of this great time to save money on your home, why not keep the savings going over the lifetime of your home and say goodbye to big and unpredictable energy bills?
For more than three decades, Morrison Inc. has successfully installed geothermal systems. We are one of the few contractors who can properly design, install and drill, providing our customers a turnkey project and peace of mind. Please contact Morrison, Inc. for a specific estimate of the savings and benefits you can expect for your home.