In recent years, individuals and businesses have become more conscious of the need to address environmental challenges and support sustainability practices. In recent years, the concept of green mortgages has emerged as an innovative solution to encourage new or existing homeowners to invest in sustainable properties while also getting financial benefits. In this article, we will explore the idea of green mortgages, their benefits, and also their potential negative impact.
What is a Green Mortgage?
A green mortgage is a type of loan that is designed to generally offer a lower interest rate to borrowers who buy or improve their home to meet specific energy-efficient requirements. In order to be approved for a green mortgage, the building needs to meet a minimum BER (building energy rating) in order to be considered for a green mortgage. These green mortgages are able to promote sustainable living and reduce negative environmental impacts.
Benefits of Green Mortgages
Energy savings: One of the main advantages for green mortgages is the opportunity to have significant energy savings. Green homes are more energy efficient than …