.

Credit Union Offers a Little Green to Go ‘Green’

San Diego Metropolitan Credit Union will offer loans for energy efficient home upgrades.

The city of San Diego and San Diego Metropolitan Credit Union launched a low-interest loan program this week for residents to make energy efficient upgrades to their homes.

The credit union will offer homeowners loans of up to $25,000 to make improvements that could produce immediate and significant reductions to their home energy bills, according to the city.

"There's simply no more cost-effective way to reduce your energy costs than by reducing use," Mayor Jerry Sanders said. "And for those who are considering installing solar panels, making your home energy-efficient greatly reduces the size of the solar system you need to buy, saving a considerable amount there, as well."

SDMCU will offer interest rates starting at just under 5 percent for loans running up to 15 years. City officials believe such terms will allow homeowners to see immediate monthly net savings.

The city will use a $1.2 million reserve fund, part of a 2009 federal energy conservation grant, to backstop the credit union against any losses, and allow more residents to qualify.

The credit union anticipates making 20,000 loans for a total of $20.5 million in the initial phase of the program.

Details of the program are online here.

-City News Service

See also:


robertmoorez December 10, 2011 at 09:09 AM
A friend of mine told me about the 123 Refinance and by refinancing for a shorter term, you might be able to become debt-free at a younger age than you previously expected, thus setting yourself up for a more secure retirement.

Boards

More »
Got a question? Something on your mind? Talk to your community, directly.
Note Article
Just a short thought to get the word out quickly about anything in your neighborhood.
Share something with your neighbors.What's on your mind?What's on your mind?Make an announcement, speak your mind, or sell somethingPost something
See more »