PowerSaver loans enable homeowners to make cost effective, energy saving improvements to their homes. Here are examples of homeowners that have benefited from a PowerSaver loan.
PowerSaver Loan Transforms 1930s Bungalow Into A Safe And Energy Efficient Prize
Tyler Kidder bought a 1,000 square foot, beautifully remodeled 1931 Maine bungalow home that was cold, drafty and had high energy bills. Ms. Kidder started with an energy audit. With a PowerSaver loan, she borrowed $25,000 with a 4.9% interest rate and by the time she finished her upgrades, she had gained a 50% to 60% reduction in home energy costs.
Not only did the loan enable her to solve her energy problems, but she also managed to integrate radon mitigation and resolved a mold issue in her wet basement. But most importantly, she stated, “The comfort level has greatly improved due to the insulation and air leakage—and I have solved my health and safety issues. I have peace of mind in addition to an energy efficient, more comfortable home—and I’m saving money. Instead of fixing one item every few years, I tackled them all at once with the PowerSaver loan so now I can relax and enjoy the benefits.” The economics of the PowerSaver loan were also strong. Ms. Kidder’s monthly loan payment is $170 but she is saving $200 to $300 per month in energy costs during the heating season. In addition she received $2,300 in tax credits and utility rebates. Ms. Kidder’s upgrades included: solar PV (2 kilowatts), an air source heat pump for space heating, an electric hot water heater, LED lighting replacement kits for recessed lighting, ventilation installations, a basement plastic membrane to prevent water and radon penetration), and basement spray foam wall insulation and fiberglass blown-in ceiling insulation.
Partnership in Maine
Low-interest loans can increase the accessibility of energy improvements to a larger portion of the population. In Maine, when rebates are available, program participants tend to have financial income in the top 20% of Maine’s households. With financing available, Efficiency Maine is seeing participation expand to households with slightly lower incomes—those in the top 35%—suggesting that some of the lower-income households are participating in the financing program because they lack the upfront capital to take advantage of initial rebate offerings.
To see how the state of Maine increased its home energy upgrade volume by offering PowerSaver loans, and what typical project costs might be, read this fact sheet about Efficiency Maine's story.
Partnership In Virginia
Through a partnership with the Local Energy Alliance Program (LEAP in Charlottesville, Virginia, a Home Performance with Energy Star Sponsor, The UVA Credit Union offers PowerSaver loans to its members. This partnership gives homeowners access to information resources and qualified contractors, and affordable financing through PowerSaver to make energy efficiency improvements to their homes. For more information see: