A bill to provide for accurate energy appraisals in connection with residential mortgage loans, and for other purposes.

Bill 118 s 4340, also known as the "Accurate Energy Appraisals in Residential Mortgage Loans Act," aims to ensure that energy efficiency is taken into account when appraising residential properties for mortgage loans. The bill requires that appraisers consider the energy efficiency and potential cost savings of a property when determining its value.

The purpose of this legislation is to encourage homeowners to invest in energy-efficient upgrades, such as solar panels or energy-efficient appliances, by ensuring that these improvements are reflected in the appraisal value of their homes. This, in turn, can help homeowners save money on energy bills and reduce their carbon footprint.

The bill also includes provisions to establish guidelines for appraisers to accurately assess the energy efficiency of a property, as well as requirements for training and certification in energy appraisal techniques. Additionally, the legislation aims to increase transparency in the appraisal process by requiring that energy efficiency information be included in the appraisal report. Overall, Bill 118 s 4340 seeks to promote energy efficiency in the housing market and provide homeowners with the information they need to make informed decisions about energy-saving upgrades. By incorporating energy efficiency into the appraisal process, this legislation has the potential to benefit both homeowners and the environment.