Save Money Later With Energy-Savings Loans Now

Jul, 24 2013 02:07

Save Money Later With Energy-Savings Loans Now

If you're like a lot of people, you want to go green but just don’t have the money to get started.  Well, that’s all changing in August when a new energy savings program is rolling out in Florida that will give business and homeowners low-interest loans, and promises 20 percent or more savings on electric bills.

What Rebates are Available in Your State?

Other states already have their own incentives, or they may be getting ready to roll out rebate programs for energy efficiency. Ask your Home Energy Team affiliate about local programs in your area. Call 1-800-309-6006 for more information.

Starts With an Energy Audit

The Solar Energy and Loan Fund (SELF) will send energy auditors to homes and businesses (with an emphasis on low- and moderate-income areas) to complete energy audits, and then make recommendations on the best things to do to save energy and see the largest return on investment.  Typical recommendations are things like updating appliances to Energy Star models, switching to Energy Star exhaust fans, upgrading heating and air conditioning systems, and more.

Low-Interest Loans

In addition to energy auditors, SELF has financial experts who will work with people to finance projects with no-money-down, low-interest loans.  These loans have fixed interest rates, so homeowners know exactly how much each repayment installment will be.  The rates can be as low as 6 percent on loans ranging from $1000 to $50,000.

Contractors Benefit Too

The program also works with local contractors to complete the work, so that the benefits of the project extend out into the community.

Funded by U.S. Department of Energy

The U.S. Department of Energy chose SELF as one of only 20 local programs to get funding through its Energy Efficiency and Conservation Block Grant program.  SELF is now working with foundations, financial institutions and others investors to increase the loan pool and expand into other counties.

Program Requirements

Proof of income must be shown, and a $25 application fee has to be paid to qualify for the program.  Approval for one of the low-interest loans also depends on income, your credit score and home ownership. 

20% Energy Savings

With 20 percent energy savings, this program is a great way to save money and help older buildings go green - especially older homes and businesses that use a lot of energy.

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Ask your Home Energy Team affiliate about local programs in your area. Call 1-800-309-6006 for more information.

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