DENVER--(BUSINESS WIRE)--U.S. Bank is testing a new home equity loan and line of credit program in Colorado that offers customers a three-eighths percent rate reduction for qualified “green” home improvement projects.
Energy efficient or “green” improvements include: insulation, windows, doors, roofing, heating, ventilation, air conditioning, water heaters, biomass stove, ground source heat pumps, solar energy systems, small wind energy systems and fuel cells. In addition to qualifying for a reduced rate loan or line, many of these home improvement projects may qualify for tax credits.
“U.S. Bank is firmly committed to creating environmentally friendly products and services that help our customers do what so many of them want to do instinctively – protect the environment,” said Lisa O’Brien, director of environmental affairs at U.S. Bank. “We launched a green auto loan in April and have had an outstanding response. We expect our green home equity loans and lines will be equally popular, and most importantly, will result in making a positive impact on the environment.”
“U.S. Bank collaborated with State Representative Joe Miklosi, State Senator Gail Schwartz and the Colorado Governor’s Energy Office (GEO) for this program,” said Hassan Salem, president of U.S. Bank in Denver. “U.S. Bank chose to pilot the program in Colorado based on the state’s commitment to promoting energy efficient home building and because Coloradoans are known for their love of the outdoors and green living. There has also been increased consumer interest in tax incentives and rebates.”
"We know that how we build and improve our homes today directly influences how we consume energy tomorrow," said Tom Plant, GEO director. "U.S. Bank’s launch of this pilot project is a further endorsement of Governor Bill Ritter’s vision to increase affordability and accessibility of the New Energy Economy to citizens throughout the State."
U.S. Bancorp (NYSE: USB), with $266 billion in assets, is the parent company of U.S. Bank, the 6th largest commercial bank in the United States. The company operates 2,850 banking offices and 5,173 ATMs in 24 states, and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. Visit U.S. Bancorp on the web at www.usbank.com.