My husband and I recently built a home in Hesperus and financed it with a home equity line of credit from a local bank. In the interest of energy independence and to take advantage of the more than 300 days of sunshine that were lucky to have every year, we decided to power the house with solar.
When it came time to roll the line of credit over to a fixed-rate mortgage, the bank refused, claiming it had been unaware of the fact that the house was solar powered and that it would be unable to find comparable sales on which to base the value of the house. Since then, weve been turned down by two other local lenders for the same reason.
As we continue our search for a lender, local or otherwise, wed like to share this caveat with prospective home builders who have a smaller carbon footprint in mind: Beware! Going green will get you a red light from lenders.
Brian and Lindsay Noisom, Hesperus