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Congresswoman Edwards, HUD Announce Program to Help Homeowners Pay for Energy Improvements to Their Homes

Courtesy of Congresswoman Donna Edwards | 11/18/2010, 11:08 a.m.

Congresswoman Donna F. Edwards (D-MD) has announced a new pilot program that will offer homeowners low-cost loans to make energy saving improvements to their homes. The FHA PowerSaver loans will be backed by the Federal Housing Administration and will provide homeowners up to $25,000 to cover a range of energy-efficient improvements, including the installation of insulation, duct sealing, doors and windows, HVAC systems, water heaters, solar panels, and geothermal systems.

The PowerSaver loans were developed as part of the Recovery Through Retrofit initiative launched in May 2009 by Vice President Joe Biden's Middle Class Task Force. The purpose of these loans is to boost energy savings by improving home energy efficiency and developing federal actions that would expand green job opportunities in the United States.

"The PowerSaver loans are a great opportunity for working class families to increase the energy efficiency of their homes and reduce the cost of their utility bills," said Congresswoman Edwards. "Investments made now in home energy efficiency will provide benefits to families for years to come, while creating local jobs for our contractors and retrofitters.

I commend Vice President Biden and Secretary Donovan for launching this initiative, and I look forward to helping families throughout the 4th Congressional District take full advantage of the Recovery Through Retrofit program."

Vice President Biden said, "The initiatives announced today are putting the Recovery Through Retrofit report's recommendations into action - giving American families the tools they need to invest in home energy upgrades. Together, these programs will grow the home retrofit industry and help middle class families save money and energy."

"HUD and FHA are committed to lowering the cost and expanding the availability of affordable financing for home energy retrofits," said Secretary Donovan. "PowerSaver will help more homeowners afford common sense, cost saving improvements to their homes, and will create jobs for contractors, installers and energy auditors across the country."