U.S. Bank, the sixth-largest commercial bank in the nation, is testing a new home equity loan and line of credit program in Colorado that offers customers a 0.375% rate reduction for qualified ‘green’ home improvement projects.
Energy-efficient or green improvements include insulation, windows, doors, roofing, heating, ventilation, air conditioning, water heaters, biomass stove, ground source heat pumps, solar energy systems, small wind energy systems and fuel cells.
In addition to qualifying for a reduced rate loan or line, many of these home improvement projects may qualify for tax credits.
"We launched a green auto loan in April and have had an outstanding response," says Lisa O'Brien, director of environmental affairs at U.S. Bank. 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."
SOURCE: U.S. Bank