Business

Home loan funding renewed

JACKSON, Wyo. — Energy Conservation Works has done it again.

By securing another $750,000 in loan funding through the Wyoming Energy Authority and working in conjunction with Lower Valley Energy, co-op members again have the opportunity to invest in their homes in the name of energy efficiency. Think weather stripping, new doors, insulation, solar panels and maybe (finally!) installing a more efficient heating system and thermostat.

“This program is great because it removes barriers for residents to invest in the efficiency of their homes,” said Phillip Cameron, the Executive Director for Energy Conservation Works. “It’s often the financial barrier that keeps people from pursuing projects that in the end will save them money and make them more comfortable.”

Over the past decade, ECW worked with nearly 150 homeowners to lend nearly $1.3 million, from the first round of funding through the Wyoming State Energy Office. It allowed Lower Valley Energy members in Teton and Lincoln counties to borrow at low-to-no interest on a maximum loan of $20,000 to complete recommended efficiency improvements.

In reference to the loan renewal, the Wyoming Energy Authority (WEA) shared, ‘The WEA is both committed to pursuing an all-of-the-above energy mix, and to helping Wyoming communities work towards a cost-saving, efficient energy model. Partnering with Energy Conservation Works is a win-win solution to provide financing to Wyoming citizens in making their homes energy-efficient and saving them money along the way.’

With another $750,000 in loan funding, ECW wants to see more customers take advantage of the low-interest loan to complete energy-efficient home projects. All projects will be subject to a 1.5% interest rate with a maximum loan amount of $25,000.

“We are all very much in this together,” said Cameron of being a member of Lower Valley Energy. “Anything we can do to reduce our energy consumption is good for all of us. If one of us saves, we all save.”

There are a few rules to the program. First and foremost, you must be a member of the co-op and projects are only for existing homes and not for new construction. Those who take advantage of the program will make payments on their monthly Lower Valley Energy bill. Those loans must be repaid within five years (60 payments), and must be paid off if the home sells.

To learn more about how homeowners can save on upgrading the energy efficiency of their homes, click here or call ECW can also direct you to contractors who specialize in energy-proofing homes.

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