POWER CRISIS MAY BE ASSET.

Byline: GREGORY J. WILCOX Real Estate

Consumers buying a home or refinancing a mortgage can turn California's power crisis into an asset.

All they have to do is get an energy efficient loan, a product that's been around for a while but now is worth considering in these times of rising utility bills.

This may take some research and involve a little more paperwork, but the payoff can be a reduction in monthly household expenses.

Lenders are expending various degrees of energy in marketing these types of loans, so some shopping around is also required.

Countrywide Home Loans Inc., the nation's largest lender, last week began re-emphasizing its product called the Energy Efficient Mortgage.

It enables borrowers to install upgrades such as energy-efficient heating and air-conditioning systems, insulation, economical lighting, and dual-pane windows, and add these costs to the mortgage at the time of purchase of refinancing.

The benefit to the homeowner is quieter, cleaner and more comfortable homes while saving on utility bills.

Mark Kemp, executive vice president of Countrywide's western division, said that the additional steps, while not exactly daunting, might put off some consumers.

``Well, in truth it's like anything else that happens if people perceive the loan to be a little bit more cumbersome than a standard loan. There are a few more steps involved, but it's a pretty simple process,'' he said.

One thing the borrower must do is have his home undergo a state-certified Home Energy Rating System evaluation.

This report rates the home's overall efficiency on a scale of one to 100. Homes built after 1992 or homes receiving a grade of 80 or more are considered energy efficient.

The report recommends the needed improvements, estimates their cost and the projected annual savings in utility costs.

It costs about $200 and can be added to the loan.

Kemp said an energy efficient loan will have a higher monthly payment than a conventional loan, but it's offset by lower utility bills, so the homeowner ends up saving money.

And the interest on a slightly higher mortgage payment is tax deductible, whereas utility payments are not.

Also, some buyers might qualify for a more expensive home and others can stretch their debt-to-income ratio to help them qualify for a loan.

A free booklet entitled Energy Efficient Mortgage Home Owner Guide details the program and is available by calling Countrywide at [phone].

Bank of America plans to start promoting its energy crisis related loan in the next few weeks, a spokesman said.

Some other big lenders have energy efficient loan programs but it seems that consumers have to seek them out.

``We do offer energy efficient mortgages, but I don't know if we do a lot of them. They don't seem to be that popular anymore,'' said Jon Ferchen, a spokesman for Wells Fargo Home Mortgage.

Kevin Hart, spokesman for Washington Mutual, said that his company can do these kinds of loans on a case-by-case basis.

One of the best Internet sites for research is www.natresnet.org.

It's the Web page for the Residential Energy Services Network and has information about loans, inspections and links to related sites.