Homeowners with good credit scores, manageable debt, and some home equity could be eligible for a federally-insured loan to help them finance home energy upgrades. The Obama administration announced last week that “PowerSaver” loans will be available at or below market rates and can be used to finance efficiency measures such as adding insulation, sealing ducts, replacing windows, upgrading HVAC systems, or installing geothermal heating and cooling systems, according to USA Today.
Energy Secretary Steven Chu was present at last week’s announcement and said “We’re making it easier for American homeowners to save money by saving energy,” also noting that the average household spends about $2000 on utility bills each year.
The “PowerSaver” loans of up to $25,000 are a part of the Obama administration’s broad efforts to improve home energy efficiency in America. Shaun Donovan, the Secretary of Housing and Urban Development, expects that the loans will assist around 30,000 homeowners and “will not only save them money on energy bills but also reduce pollution…”
You can learn more about the “PowerSaver” loans at USA Today.
Photo credit: Yourgreenfriend.com.
