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Interest-free Loans Available to Improve Home Energy Efficiency


Photo (cc) Tracy O

February 28, 2011

Interest-free Loans Available to Improve Home Energy Efficiency

Loans up to $9,500 are available for families to implement energy assessment recommendations

PROVIDENCE – Mayor Angel Taveras today announced a new interest-free Residential Energy Efficiency Loan program to help eligible Providence residents make energy efficiency improvements and reduce energy bills in their homes.

Eligible applicants can use the loans to upgrade, replace, or purchase recommended high-efficiency furnaces, boilers, central air conditioning and water heating systems, as well as insulation, programmable thermostats, and select Energy Star appliances and electronics.

Loans up to $9,500 are available for single-family residences and up to $14,000 for two-unit residences. Loans of up to $6,500 per unit are available for multi-unit residences. Multi-unit applications must be submitted by the owner-occupant. Loans are at 0% interest, with payment deferred until the property is sold, transferred, or re-financed.

All improvement projects must be recommended by an approved energy assessment that is available free from RISE Engineering. Applicants must submit a current assessment with their loan application. Applicants are encouraged to supplement loan funds with rebates available through National Grid’s EnergyWise program, delivered by RISE Engineering.

“I encourage Providence residents to take advantage of the Residential Energy Efficiency Loan program. This loan can help homeowners save energy, save money, and help our environment,” said Mayor Taveras.

Applicants must meet income qualifications and credit standards. Detail on income eligibility requirements, required credit rating, and information on how to apply is available at ProvidencePlanning.org or by calling 401-351-4300 (Ext. 405). Funding is limited and interested applicants are encouraged to apply soon.

The Residential Energy Efficiency Loan is funded under the Energy Efficiency and Conservation Block Grant (EECBG) of the American Recovery and Reinvestment Act.

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