Green loans are loans meant for sustainable, environmentally friendly purposes, such as electric vehicles, E-bikes, solar panels, and insulation for your home using the equity built up in your property.
Green lending is the practice of providing loans to borrowers who want to pursue green projects or make their lives more sustainable. Though not all green lenders strictly adhere to the definition of sustainability, there are several key points that they share:
- Aiming to reduce carbon emissions and other harmful environmental impacts.
- Promoting clean energy sources like solar or wind power instead of fossil fuels.
- Supporting efforts to grow renewable energy sources and use them more efficiently
Green loans may be used for a variety of purposes, including:
- Making homes more energy-efficient by installing solar panels or adding insulation.
- Purchasing electric vehicles instead of gasoline-powered cars or trucks.
- Buying hybrid cars that can run on both gasoline and electricity, which reduces fuel consumption by up to 10 percent compared with traditional cars powered only by gasoline.
Talk to one of our Mortgages Advisors and find out how we can help you take advantage of this great opportunity!