SALT LAKE CITY — Utah's most populous county is launching a plan to help residents increase their energy IQ. On Tuesday, the Salt Lake County Council announced the creation of the Energy Smart Loan, a low-interest financing program available to all county homeowners designed to help make households more efficient.
"The purpose of the program is to make loan capital available to homeowners in Salt Lake County who want to do energy efficiency upgrades and just don't have access to capital otherwise," said Darin Brush, executive director of Community Development Corp. of Utah. "We've pooled stimulus money that Salt Lake County received ... and created a pool of about $1 million that people can access to do things from furnaces and insulation and windows up through renewables."
Energy Smart loans can finance the purchase and installation of renewable energy improvements such as photovoltaic solar panels, solar thermal panels, wind turbines and geo exchange systems resulting in improved conservation and lower monthly energy bills, he said.
"It's available to all residents in Salt Lake County as long as they meet some minimal underwriting guidelines," Brush said. "It includes just about anything that creates an energy efficiency upgrade to a home."
Interested property owners begin with a complete home energy assessment where certified contractors review the age and condition of the furnace, water heater, air conditioner and other major appliances. A blower door test is also performed to assess the amount of air leaking through doors, windows and other accesses to the home.
Following the assessment, a county representative reviews where energy is being wasted and works with the homeowner to identify the home's critical energy needs.
After obtaining a contractor's bid for the project cost, the representative reviews the financing options available with an Energy Smart loan — which would cover the full cost of the home improvement.
The loans are underwritten by the county and administered by CDC Utah. The program will offer loans from $2,000 up to $50,000, Brush said.
The repayment period can be two to 10 years at interest rates from 3 percent to 5 percent. Credit scores of 600 or higher will qualify, and representatives will help participants identify and apply for all tax credits and utility rebates.
Rebates received by the homeowner will be used to reduce the principle amount of the loan.
One of the advantages of living in Utah is lower energy costs, Brush said.
"But in an economy where people are always looking to save a penny and a dime here and there, some of the simplest returns on investments in the home is some of those energy efficiency upgrades and very simple things like switching to compact florescent lights and weather stripping your door," Brush said.
Visit www.energysmartsaltlakecounty.org or contact the Community Development Corp. of Utah at 801-994-7222 for more information.
e-mail: jlee@desnews.com