Providence offers energy efficiency loans

PROVIDENCE – Homeowners in the capital city looking to undertake energy efficiency projects can now tap an interest-free loan announced by the city this week.
Mayor Angel Taveras announced Monday the Residential Energy Efficiency Loan program that provides 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. The program is being paid for with federal stimulus dollars.
The city will provide loans up to $9,500 for single-family homes, up to $14,500 for two-unit residences and up to $6,500 per unit in an owner-occupied multifamily building. Loans are at 0 percent interest, with payment deferred until the property is sold, transferred or re-financed.
“I encourage Providence residents to take advantage of the Residential Energy Efficiency Loan program,” Taveras said in a statement. “This loan can help homeowners save energy, save money, and help our environment.”
The city said that all projects must be recommended by an approved energy assessment that is available free from RISE Engineering. The city also encouraged residents to combine the loans with money available from National Grid’s EnergyWise program.
Applicants must meet income qualifications and credit standards. More information is available at www.providenceplanning.org or by calling (401) 351-4300 ext. 405.
The city added that money for the program is limited and encouraged residents to apply early.