Interest Free Energy Efficiency Loan Program Proposal for Improvements August 15, 2016.

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Presentation transcript:

Interest Free Energy Efficiency Loan Program Proposal for Improvements August 15, 2016

What is the program? Adopted by Council in August 2002 Designed to support the efforts of residential electric customers to reduce energy consumption through the operating efficiencies in their homes Zero interest with a payback of up to 36 months Participating customers see the itemized charge on their monthly utility bill

Current Participation 10 customers utilizing program All replaced Heat Pumps Several inquiries regarding doing more than one project (replacing all windows with energy efficient windows)

Updated Program Current Program: customer can borrow for 1 project Qualifying Projects – Heat Pump Replacement $3500 – Windows $1000 – Doors $375 – Weather Stripping $50 – Insulation Floor $300 Ceiling $300 Walls $300 Proposed: Min. $500 loan with maximum borrowed of $5000 Qualifying Projects – Heat Pump Replacement – High Efficiency Air Conditioning Units – Hot Water Heater Replacement – Insulation – Installation of Energy Efficient Doors/Windows – Duct Work Repair/Replacement

How would this benefit customers? Customers could borrow up to $5000 to complete multiple projects to improve energy efficiency. – Replace old heat pump and duct work – Replace windows & doors – Replace old hot water heater

Request Update Weatherization Loan Program to allow customer’s to borrow up to $5000 to complete projects at their homes that would improve their energy efficiency.

Questions?