EEM - HERS Rater Certification
An EEM can be used for either a purchase or refinance transaction. Even if a home is already energy efficient or to finance energy efficiency upgrades. To qualify for an Energy Efficiency Mortgage, the home must have a home energy rating, conducted by a HERS Rater certified to perform a EEM Certification. To be sure, check with your lender to see which type of rating they require, but the most likely it is the Home Energy Rating System (HERS). A HERS rating evaluates the home’s efficiency. Then calculate's energy costs and uncover's opportunities for additional energy savings. After the HERS audit, the home will get a HERS “score” of 1 to 100 and a report, which includes recommendations for upgrades, and estimates for the cost of the improvements and expected energy savings. To be eligible for the EEM the home must achieve a 5 star rating and the proposed improvements must be cost effective. The monthly savings realized from the utility bills must be greater than the added monthly cost of the energy efficient mortgage.