Renovating? Get Some New Cheap Debt

by Sean

Well, it took the state what felt like forever, but yesterday the Nebraska Energy Office finally approved a good chunk of our total [tag]renovation[/tag] budget for a [tag]low interest[/tag] [tag]energy loan[/tag]. A quick call to our local banker, a signature or 400, and a big deposit is dropped into our savings account. Along with a matching big debt added to the ol’ balance sheet, at a comfortable rock bottom interest rate of just 4.85%!

Mind you, the remodel/renovation is going to be pretty substantial, with most of it being done to get the home up to what I would consider modern standards. For instance, getting rid of the scary, room-filling, long-since-converted coal to corncob-burning(!) to fuel-oil furnace and replacing it with a significantly more [tag]efficient[/tag] electric [tag]heat pump[/tag] central air system. Throw in several new efficient windows. Maybe even a door or two. Then insulate essentially the entire first floor. Am I forgetting anything? Oh, without a doubt – it’s been some time since I filed the paperwork… 😉

If you’re planning on doing any serious renovations in the future (or even if you’re just considering buying some new large appliances), it’s definitely worth your time to check out what’s available in your state. It looks like most states have similar programs set up, and the rates offered generally kick the heck out of what you get for a [tag]home equity loan[/tag] or [tag]line of credit[/tag].


  • Colin (Needs money fast) Taylor

    Great article, very valuable suggestions indeed. Thanks.

  • geothermal heat pump

    you probably won’t do anything nowadays without a loan..that’s the way it is.. I have to take a loan to build up my clinic..

  • Bran Clapp

    If you can get a loan or have an extra 5 grand stuffed in your dresser then geothermal heat pumps are the way to go… you can get up to 30% back on your taxes with the tax incentives. It’s worth looking into anyways…

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