New Program Allows Homeowners to Pay for Home Energy Efficiency Loans On Utility Bills!
Saturday, 07 April 2012 19:33
On behalf of:The Rural Ulster Preservation Company's (RUPCO)
Green Jobs-Green NY Outreach Program
Homeowners can now pay for home energy improvement projects with their savings directly on utility bills: Available since January 30, 2012, the new On-Bill Loan Recovery Program enables homeowners to finance energy efficiency upgrades with low interest payments conveniently built into their existing utility bill, with no up-front costs.
By offsetting the monthly loan payments with monthly savings, this program pays for itself.
Qualified homeowners first receive a free or low cost comprehensive home energy assessment through the Home Performance with ENERGY STAR Program to identify opportunities for cost-effective energy-efficiency improvements. Eligible home energy upgrades typically include insulation and air sealing, energy-efficient furnaces, boilers, water heaters, air conditioners, lighting fixtures and appliances.
Homeowners then chooses a contractor accredited by the Building Performance Institute to make improvements. Once the work is completed, a state-managed private loan fund pays the contractor promptly. The homeowner will pay back the loan as a line item on his or her gas or electric bill.
An On-Bill Recovery Loan is also transferable to a new owner if the owner and the buyer agree. If this were not the case, the owner would have to pay off the loan before selling the house.
New York is the first state to pass this financing mechanism as part of a comprehensive, statewide policy to promote energy efficiency. The low-interest loans are part of the state's new Green Jobs-Green NY program, administered by the New York State Energy Research and Development Authority (NYSERDA)
RUPCO: 289 Fair Street Kingston, NY 12401 845-331-2140 ext. 260 This e-mail address is being protected from spambots. You need JavaScript enabled to view it
The Hudson Valley Smart Growth Alliance is a regional partnership of diverse interests including environmental, land conservation, and economic development organizations, builders, realtors, tourism officials, and planning agencies who have come together to build consensus on smart growth principles and promote local and regional solutions to sprawl.
