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Treasurer McCord: Low-Interest Loan Program for Energy Efficient Home Improvements Saves PA Families Money

Posted on: Monday, 2 March 2009, 16:31 CST

HARRISBURG, Pa., March 2 /PRNewswire-USNewswire/ -- Treasurer Rob McCord today announced that the Pennsylvania Treasury Department will continue to make energy conservation and efficiency measures more affordable for households across the Commonwealth through the expansion of the Keystone Home Energy Loan Program, or Keystone HELP.

Keystone HELP, created in 2006 by the Pennsylvania Treasury Department, offers affordable energy efficiency financing options, including rebates and low-interest loans, enabling Commonwealth homeowners to purchase and install energy efficient equipment or to undertake whole-house improvements that will result in reduced energy consumption.

The Treasury Department and the Pennsylvania Housing Finance Agency will provide almost $16 million of capital for loans. The Pennsylvania Department of Environmental Protection (DEP) will provide a total of $3.5 million that will allow the loans to be offered at even lower interest rates to borrowers, and encourage even greater levels of energy efficiency. DEP will provide another $1 million for rebates through a new energy efficiency program.

"The current economic environment has some Pennsylvania families examining every household expenditure through a new lens of responsibility and practicality," said Treasurer Rob McCord. "Keystone HELP allows Pennsylvania families to gain control of their energy costs by producing almost immediate savings in household budgets."

All home improvements financed through Keystone HELP must be done by a program-approved contractor. The expanded Keystone HELP program provides a credit of up to $325 for energy audits when loans are issued for work recommended by certified energy auditors.

A recent McKinsey study identified installing energy-efficient residential appliances, residential HVAC equipment and upgraded residential insulation as among the most cost-effective ways to reduce greenhouse gas emissions from all the consumer and industrial alternatives available. The improvements eligible through the Keystone HELP program not only lower homeowner costs, reduce fuel consumption and increase national energy security -- they also specifically help protect the environment against the threat of global warming.

"We must develop comprehensive solutions to combat the economic and environmental challenges facing our nation," Treasurer McCord continued. "As Pennsylvania Treasurer and a prudent investor, I am proud that this program produces positive returns, both economically and environmentally."

Applications and program guidelines are available at www.keystonehelp.com. The deadline for applications is June 30. Information about the Pennsylvania Treasury Department is available at www.patreasury.org.

CONTACT: Elizabeth Kupchinsky 717-787-2991 news@patreasury.org

SOURCE Pennsylvania Treasury Department

Source: PR Newswire

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