Tag Archives: energy efficient

Energy Efficient Mortgages for Home Owners

Posted by Admin on October 10, 2009 None comments

This is something I had been looking into for a few weeks, but have been unable to find anything on the subject. The idea is that by doing home renovations (such as EIFS) which make your home more energy efficient, you should be able to get more financing for your home. After all, if you cut your energy bills from $2,000/year to $1,000/year, and you redirect that income towards the principle on your home – you would be able to afford a larger home, or one in a nicer neighbourhood.

On top of that, EIFS would increase the resale value of your home beyond the money you spent on the actual renovation.

Article found at: http://www.mainstreetrealestatefacts.com/

One aspect of green real estate isn’t quite keeping up – the financing end.  Energy Efficient Mortgages known as EEM’s have actually been around since after Jimmy Carter and the oil crisis!  But it is still pretty rare to find one that has closed in the Chicago area.  Part 1 of this post will explain what a green mortgage is and the steps required.  Part 2 will outline the different green loan options available. This topic has the potential to change a lot so be sure to contact a trusted lender for more information.

Green financing is available for the purchase of a new green home, or to make improvements to what I call a not-yet-green home.  A green improvement loan could apply either for your existing home or to purchase a new home you plan to fix up.

Steps Required

The thing that makes green loans different is that an extra step is typically required – an Energy Audit or a HERS Rating.  An appraisal assesses the value of the home.  An energy audit assesses the energy efficiency of the home.  (HERS stands for Home Energy Rating System.)  In Chicago these tests usually cost at least $400-600 with the HERS Rating being both more thorough and more expensive.  Results help the lender determine how much you can expect to save on your utility bills.  In most cases, the cost of the additional inspection can be rolled into the amount of your loan.

The process typically follows these steps:

Step 1 – Buyer/home owner completes the Energy Audit or a HERS Rating.

Step 2 – Lender increases your approved mortgage amount based on projected monthly utility savings.

Step 3 – The rest of the closing process is similar to a traditional loan.

Tips:

  • Plan ahead so you can complete the extra steps in time.
  • To get the best results, don’t ask a lender if they offer an EEM.  Ask the lender if their local office has closed an EEM loan.

To learn more about Energy Efficiency Mortgages check out these recommended links:

This site in particular explains it well: http://www.hud.gov/offices/hsg/sfh/eem/eemhog96.cfm

If anybody is aware of any companies working with home owners on Energy Efficient Mortgages, leave a comment.

Parex Announces Reset of EIFS and Stucco Assemblies

Posted by Admin on July 18, 2009 None comments

07/16/2009
ParexLahabra, the parent company of leading building material brands; Parex, LaHabra , El Rey Stucco, Teifs, Mer-Krete and Mer-Ko, today announced the complete reset of Parex EIFS and Stucco Assemblies products.

The reset improvements address the challenges of the economy as Parex enhances its EIFS and stucco assemblies to strategically position itself for rapid growth as the market environment improves. The reset was focused on Parex EIFS and stucco assemblies.

Parex EIFS is now targeted to take advantage of the growing focus on energy efficiency and moisture management. Parex EIFS are now categorized by name and moisture management capability. This has transformed the Parex systems into an easy-to-understand good, better, best matrix. Parex now offers EIFS in Standard and a premium Optimum system, in addition to, increasing levels of moisture management options. “The finalization of the Parex reset is the culmination of an 18-month project, said Quenton Roehricht, Parex Brand Manager. The reset really is about taking Parex, a strong brand in the industry, and ensuring it is well positioned for continued growth. We may be in a challenging market today but the market ahead is filled with opportunity”. The goal of the improvements is to help audiences new to EIFS easily understand the benefits and differences between EIFS and other claddings. The reset also clearly defines the various features between the different systems.

Parex stucco assemblies have been re-engineered and enhanced to emphasize the benefits of using a complete stucco assembly from one manufacture, as opposed to standard field mix stucco. All Parex stucco options have been re-branded into the Armourwall family of stucco assemblies. In addition to the introduction of the Armourwall product line, new assembly options have been developed to address the market’s need for enhanced moisture protection and crack reduction.

A main component and benefit of the Parex reset has been the expansion and enrichment of warranty and coverage terms. “We wanted our warranty to logically align with how we have restructured our systems and assemblies.” Quenton said. “Customers will notice a significant improvement in warranty coverage corresponding to the level of system chosen. The new warranty reflects an extensive review of what was previously offered and expanding the coverage based on what customers desire.”

“There is a significant demand and opportunity for products that are energy efficient, assist in moisture management and are durable, Quenton commented. Parex has a superior line of these products. The reset helps to ensure that our customers are well positioned to take advantage of these growing trends.”

About ParexLahabra Inc.
ParexLahabra Inc. is the US based parent company of leading building material brands; Parex, La Habra Stucco, El Rey Stucco, Teifs, Mer-Krete and Mer-Ko. The product lines of ParexLahabra Inc. are designed for the, new/retrofit, construction of commercial, institutional and residential buildings. The 2002, ISO 9001-2000 certification of Parex helped to substantiate ParexLahabra Inc. as a leader in the building materials industry with over 80 years of combined experience in the US construction industry. For more information regarding ParexLahabra visit www.parexlahabra.com

Source: http://www.buildingonline.com/news/viewnews.pl?id=8379

A lot of these “resets” and “improvements” seem to be just playing catch-up with current EIFS practices. What I don’t understand, is why they would have a lower-quality system as an option? If you have a DB system that works, why would you also offer something that may not work as well?

The fact they have 7 different companies kind of irks me as well.

At any rate, good on them for getting their act together. I can’t help but wonder how much of this is to “cover up” the fact that there’s a class action lawsuit again ParexLahabra.

EIFS Sales in Positive Trend (Chart)

Posted by Admin on March 22, 2009 1 comments

Ever since EIFS’ introduction into the US and Canadian market, it has been on an upward trend. Even with it’s problems through the 90′s it has countinued to climb in popularity due to it’s insulating value and vast range of design options. With the moisture issues formerly plaguing it now solved (and new research indicating it’s actually superior to alternative products), it’s reasonable to expect the trend will countinue and even intensify.

As an additional consideration, U.S President Obama’s plan to re-clad buildings to be more energy efficient as a part of the economic stimulus package will produce a spike in sales over the next decade.

A bar graph showing the positive trend in EIFS Sales over the years

A bar graph showing the positive trend in EIFS Sales over the years