Vt. invests to make homes more energy efficient - WCAX.COM Local Vermont News, Weather and Sports-

Vt. invests to make homes more energy efficient

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MONTPELIER, Vt. -

The governor unveiled a new plan to help thousands of Vermonters finance millions in home improvements.

At a press conference Thursday, Gov. Peter Shumlin, D-Vermont, said they're asking banks to partner with the state in order to provide nearly $7 million in loans for thermal efficiency upgrades. The state will put forward more than half-a-million dollars to serve as a loss reserve, enhance customer credit and increase financing access.

Public Service Commissioner Chris Recchia says home thermal efficiency pays off.

"This is probably the most cost-effective thing people can do to reduce their energy bill. But the bottom line is that getting over that capital hurdle, getting to borrow the money and know that you can pay it back is the hardest part of making this happen," Recchia said.

The average loan is expected to be about $5,000, which means the funding could cover about 1,300 projects.

Those working closest with the proposal say the hope is that savings from improvements will cover loan payments.

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