A northern Michigan utility wants to help customers with their energy efficiency, by offering low interest loans for home improvements.
Traverse City Light and Power is offering the 3% loans for amounts ranging from $5,000 to $30,000. The loan and monthly payment will be added to your utility bills.
Jake Hardy with TCLP says they want to encourage customers to look at more than the basic energy efficiency upgrades. “We started the program at $5,000 to really push people to do a little more than basic energy efficiency upgrades. We want people to look at their entire home. It’s not just electrical side of things but it also offers the opportunity to make gas upgrades. So, your furnace which is kind of a mix of electric and gas, all the way to windows, insulation, those kinds of projects that would really help people cut their utility bills.”
TCLP says they are the first utility in the country to use USDA federal funds for a financing program like this. And Hardy says if the program is successful they can apply for an additional round of federal funding.
The energy upgrade loans apply only to residential properties. There is a separate program for commercial properties.
You can get more information on how to apply by clicking here.