Harrisburg, PA – The Pennsylvania Energy Development Authority (PEDA), supported by the Department of Environmental Protection (DEP), has launched the Keystone Energy Efficiency Program (KEEP) Home Energy Loan program, a new consumer loan program designed to assist Pennsylvania homeowners in reducing their energy costs. PEDA is an independent public authority created by the Commonwealth in 1982 to finance energy and energy-related projects.
The KEEP Home Energy Loan program will offer affordable financing to assist homeowners who are interested in reducing their energy costs by making energy efficient upgrades, such as installing storm windows, ductless heating and cooling, smart thermostats, solar water heaters, electric vehicle chargers, and more. Single-family homeowners and Pennsylvanians residing in owner-occupied multi-unit residential buildings with up to four units are eligible to participate in this program. Improvement work must be performed by contractors approved by the National Energy Improvement Fund (NEIF), an Allentown-based licensed Certified Benefit Corporation lender and national expert in energy efficiency financing that is administering the program on behalf of PEDA.
More details about eligible projects can be found at www.keepenergyloan.org.
“We are thrilled to be partnering with the National Energy Improvement Fund to help Pennsylvania homeowners pay less for their electricity bills and upgrade their home energy efficiency,” said Pennsylvania Department of Environmental Protection Interim Acting Secretary Jessica Shirley, who serves as the chair of PEDA’s board of directors. “I encourage all interested homeowners to take advantage of this special loan to finance their energy-focused home improvement projects.”
“We are excited to be able to offer financing that will help Pennsylvania residents improve their homes, lower their energy bills, and increase comfort and safety,” said Acting PEDA Executive Director Geoff Bristow. “The KEEP Home Energy Loan is just the first of what we plan to be a robust lineup of financing programs supporting clean and efficient energy improvement projects for residents, businesses, schools, and local governments across PA.”
“NEIF has been responsible for over $900 million in energy efficiency financing and has been an innovator in some of the nation’s most successful energy financing programs. NEIF’s focus is on helping homeowners increase their homes’ comfort and energy savings by making quality energy improvements, installed by quality contractors, more affordable,” said NEIF Co-Chair and Managing Member Peter Krajsa.
The KEEP Home Energy Loan program is a key resource for Pennsylvania homeowners to improve their energy efficiency and reduce energy costs. KEEP Home Energy Loans are simple-interest, longer-term, fixed-rate installment financing for projects ranging from $2,500 to $25,000. There is no lien on the borrower’s home, no fees to the borrower, and no penalty for early repayment. The application process is paperless, and contractors are paid when work is completed to the customer’s satisfaction. The interest rate and monthly payment are locked in for the full term of the loan, up to ten years, longer than typically available for unsecured loans from traditional lenders. All homeowners who are making qualifying improvements to their primary residence or secondary home are eligible to apply. Good credit and the ability to repay are required. All income levels are eligible.
PEDA is an independent public financing authority that was created in 1982 by the Pennsylvania Energy Development Authority and Emergency Powers Act and was revitalized through an April 8, 2004, Executive Order. The KEEP Home Energy Loan is the first financing product of the PEDA Energy Accelerator Program (EAP). The EAP is a PEDA-run collection of clean energy financing products and PEDA plans to continue to launch new financing products related to clean energy and energy efficiency in the future.
For more information on KEEP program, visit www.keepenergyloan.org.
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