ENERGY SPARK
Welcome to the newest—and greenest—home loan program from the Commission. EnergySpark is designed to work hand-in-hand with our Home Advantage loan and downpayment assistance
HOMEBUYERS WHO MAY QUALIFY
Household income under $160,000
Credit score at least 620
Purchasing either: A new home that exceeds Washington state energy standards by at least 15%, OR An older home that can be upgraded for 10% energy savings over its current use.
HOME BUYERS SAVE TWO WAYS
A.THE MORTGAGE RATE AND DOWN PAYMENT:
Borrowers who buy an energy-efficient home or make upgrades to an existing home at the time of purchase save 1/4 percent on their interest rate. Plus, they still qualify for our downpayment assistance.
B.THE UTILITY BILL:
Utilities are among the hidden costs of homeownership. The more efficient the house, the more money saved.
Buy a house. Save energy, Save money. It’s that simple.
PROGRAM REQUIREMENTS
To be eligible for EnergySpark, you must purchase:
NEW CONSTRUCTION
NEEM/Energy Star Homes ®, LEED ® for Home & National Green Building Standards Silver, Gold or Platinum, Department of Energy Zero Energy Ready Home, Passive House, and Built Green ® 3, 4, or 5 Star Certification
EXISTING CONSTRUCTION
Work with your lender to make improvements (per underlying mortgage guidelines*) that improve home’s efficiency by at least 10% based on a Pre & Post Energy Audit. *Subject to lender approval.
HOMEBUYER EDUCATION
ENERGY ASSESMENT
An energy assessment, or audit, tells you how energy efficient a home is and what improvements might make it more efficient. The energy auditor conducts tests on the home’s major systems and provides a detailed report as well as recommendations. An energy assessment is required for homebuyers using EnergySpark to purchase an existing home.
