U.S. Bank has launched its so-called “green home equity loan” in the hopes of taking advantage of Americans newfound environmental awareness.
The new home equity loan and line of credit program, which is being tested in the lush state of Colorado, offers customers a three-eighths percent mortgage rate reduction for qualified “green” home improvement projects.
Those include energy efficient improvements related to insulation, windows, roofing, ventilation, air conditioning, solar and wind energy systems, and much more.
I can just picture the elaborate “green projects” customers will come up with now…
“U.S. Bank is firmly committed to creating environmentally friendly products and services that help our customers do what so many of them want to do instinctively – protect the environment,” said Lisa O`Brien, director of environmental affairs at U.S. Bank, in a release.
“”We launched a green auto loan in April and have had an outstanding response. We expect our green home equity loans and lines will be equally popular, and most importantly, will result in making a positive impact on the environment.”
U.S. Bank noted that customers who take advantage of the reduced rate home equity loans and HELOCs may also qualify for additional government tax credits.