The loan funds, which originated from the American Recovery and Reinvestment Act of 2009, will help meet EmPOWER Maryland goal of reducing energy consumption by 15% by 2015 and cut the state’s carbon emissions 20% by 2025 as required by the Greenhouse Gas Reduction Act of 2009.
The homeowners must complete a home energy audit performed by a certified auditor and with the audit recommendations in hand apply for the loan to make the necessary improvements that have to be performed by contractors with a Maryland Home Improvement Certification.
Homeowners with proof of a qualifying audit since 1 July 2010 can immediately apply for the loan from the MCEC, which will provide a maximum of $20,000 loan with the interest rate of 6.99%.
Maryland Energy Administration, which is administering funds, expects most home improvements to encompass upgrading insulation, plugging air leaks, sealing ducts and replacing furnaces, heat pumps and/or air conditioners that are at least 10 years old.
