New program offers loans for residential energy-efficiency, renewable improvements
Utilities with residential customers who need help financing whole-house improvements or renewable energy systems should explore the PowerSaver Loan Program . The Electric and Gas Industries Association (EGIA) has teamed up with Sun West Mortgage Company to create this Federal Housing Administration-sponsored financing program.
Qualified homeowners may borrow up to $25,000 for energy-efficient and renewable energy improvements to their primary residence. The allowable improvements include installing insulation, duct sealing, replacing doors and windows, central heating and cooling systems, water heaters, solar panels, energy-efficient roofing and ground-source heat pumps. Coupled with competitive interest rates, PowerSaver offers finance terms of up to 15 years for qualified energy-efficiency home improvements and up to 20 years for renewable energy improvements.
These competitive interest rate loans are offered through pre-screened EGIA GEOSmart authorized contractors to eligible homeowners at no cost to the contractors. Learn about the requirements for becoming a PowerSaver contractor.
Sun West is now accepting applications for California homes, and is expanding PowerSaver to Arizona, Colorado, New Mexico and Utah on July 1 as part of its nationwide rollout concluding over the next few months.