The Department of Energy and the Department of Housing and Urban Development announced a new loan program:
The program will help credit-worthy homeowners finance the energy-saving technologies that they might otherwise not be able to afford to install. The program will help families save money, boost local job markets, and help drive demand for energy efficient products made in the United States. It could also pave the way for more lenders to get into the business of home energy efficiency loans. Obviously, any time American families make wise choices about their energy use it benefits the environment as well.
The PowerSaver pilot program will initially help about 30,000 homeowners to finance energy efficient upgrades, and once word gets out about it, popular demand could help expand its impact. According to HUD projections, more than 3,000 jobs will be created through this pilot program and the impact may be larger if market demand for the loan program increases over time.
The participating lenders were largely selected based on their commitment to partner with established home energy upgrade programs provided by states, cities, utilities and home performance contractors.
For more information, head on over to the Energy Savers Website.