September 12, 2013 - 11:46 AM
PENTICTON - Residents can borrow up to $10,000 from the city to save hundreds of dollars in energy bills every year but that's only if they qualify.
Energy retrofits are home upgrades designed to cut down costly utility bills. Putting in insulation, plugging air leaks and installing efficient space and water heating systems are just a few things a homeowner can do.
"This will not will not only make our community more sustainable, but help make residents’ lives more affordable," acting mayor Wes Hopkin says.
The program is available for those who own their own homes and those who get a home energy assessment. The homeowner picks what projects to undertake and which contractor to hire, if any.
When the loan is finalized, a homeowner gets a cheque and monthly loan payments will be added to the homeowner’s monthly utility bill. The interest rate is fixed at prime + .5 per cent, with the rate set at the time the loan is granted. As of September the current rate is 3.5 per cent. Additional payments can be made at any time without penalty.
The loan program means applicants can also qualify for the LiveSmart B.C. efficiency incentive program that gives rebates for insulation, air sealing and more. Applicants can also get a subsidy to cut the cost of the energy assessment from $300 to $60 and Penticton Electric Utility customers are eligible for an additional $25 reduction.
The loan application deadline is before Dec. 14 and work must be completed by March 31. For more information, contact Penticton Electric Utility at 250-490-2535 or visit the city's website.
To contact a reporter for this story, to send photos or videos, email Shannon Quesnel at firstname.lastname@example.org, call 250-488-3065, tweet @shannonquesnel1 or @InfoNewsPentict
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