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Follow on Google News | True Energy Solutions offers On Utility Bill financing repayment for energy efficiency improvements.Rochester based company had role in getting law makers to enact On-Bill Financing for energy improvements to be available at the end of the month.
By: Tony Karpovich, President of True Energy Solutions True Energy Solutions is excited to announce it is now offering low interest loans (2.99%) for energy efficiency upgrades (insulation, HVAC, electrical savings) through the new On Bill recovery program. FOR IMMEDIATE RELEASE PRLog (Press Release) – Jan 4, 2012– “True Energy Solutions is happy to offer an innovative new program for repayment of financing for energy efficiency upgrades directly on a homeowners utility bill, through its partnership agreement with NYSERDA," says Damian Hodkinson of True Energy Solutions in East Rochester, NY. "This is an unprecedented opportunity for homeowners to not only get a free or reduced cost energy audit through the year old Green Jobs Green New York program, but also to pay for energy saving improvements through a loan that is tied directly to their utility savings, repaid on the utility bill, and it stays with the home if it changes ownership." The new "On-Bill recovery" loans are for homeowners that decide to make changes to improve their home's comfort, energy efficiency, and health & safety based on the GJGNY audit. "Previously, homeowners only had the option of conventional financing, NYSERDA's GJGNY loan, or to pay for work out-of-pocket. Most homeowners find it difficult to come up with the money in these rough economic times," says Damian Hodkinson. "Because we believe this will be a real benefit for homeowners, we have been involved from the beginning of this program and led a statewide effort with other contractors and policy-makers to get this passed. We feel it has the ability to open the doors for homeowners to increase comfort, increase housing values and decrease utility bills. We were expecting this to become available in May, but we prepared for it early and are really excited that NYSERDA is rolling it out this month." said Damian Hodkinson. The early launch of On-Bill financing comes with an added benefit, payments and interest won't start accruing until June of 2012, although the loans are available at the end of this month. This new loan is designed to provide a mechanism for homeowners to afford cost-effective energy saving upgrades to their homes while utilizing the savings they'll see on their utility bills to pay back the loan each month. Additionally, the loan stays with the house. "This means that if someone moves or sells their house, they are not stuck paying for a loan on a house they don't own. The new owner picks up where they left off," says Damian Hodkinson, "and NYSERDA has really opened up the eligibility for these loans, meaning that a lot of residents that have found it hard to get financing in the past, will now be able to do so." The process to getting the loan starts with an energy audit, Damian Hodkinson explains, "we feel the energy audit is one of the most important steps for a homeowner; through our audit process we use diagnostic tests of the heating and hot water systems, thermal infrared scans, air flow and infiltration tests, and thorough investigation to diagnose the energy loss and use in a house. This process allows our homeowners to make energy efficiency upgrade decisions based on factual, honest and verifiable information." Governor Cuomo is announcing the launching in his State of the State address, "On-bill financing was scheduled to commence in June 2012, but we have reached an agreement with utilities to begin offering it in January 2012. This early start will help produce immediate jobs, and it has the potential to provide benefits to 40,000 homes across the state.."( - Governor Cuomo's State of the State address (text), 2012.) The On-Bill recovery loan program is a newly available loan up to $25,000 with an interest rate of 2.99%. The eligible work should have a cost-effective payback, such that the loan payment each month must be equal to or less than the estimated energy savings. On-Bill Recovery Financing was signed into law by Governor Cuomo on August 4, 2011. It tasked NYSERDA with working with Utility companies to create a new loan program that would benefit homeowners wishing to save money on energy costs, but who might not have the financial resources to pay upfront for the upgrades. Free energy audits by True Energy Solutions are available for homeowners with household incomes less than $133,200. Household incomes from $133,200, up to $266,400 are eligible for reduced cost audits with a maximum cost of $250. ------------------------------------------------------------ True Energy Solutions is a BPI accredited Home Performance Contractor, specializing in residential and commercial energy auditing, efficiency upgrade design, and implementation of energy efficiency measures including: insulation, windows, HVAC, geothermal, air-sealing, and thermal imaging. True Energy Solutions is a Home Performance Contractor partner with Home Performance with ENERGY STAR and offers a comprehensive, whole-house approach to improving energy efficiency and increasing comfort in your home. Contact True Energy Solutions, Inc. Office: 585-248-8783 save@trueenergysolutions.com Damian Hodkinson: 585-267-6969 damian@ Tony Karpovich: 585-314-9884 tony@trueenergysolutions.com For more information from NYSERDA: http://www.nyserda.ny.gov/ # # # True Energy Solutions is a BPI accredited Home Performance Contractor, specializing in residential and commercial energy auditing, efficiency upgrade design, and implementation of energy efficiency measures including: insulation, windows, HVAC, geothermal End
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