In just its third year of providing loan services, the Energize Delaware Residential Energy Efficiency Loan Program (REELP) has reached the significant milestone of granting over $1 million in qualified loans to Delaware homeowners. The Residential Energy Efficiency Loan Program provides low-interest loans to credit-qualified Delaware homeowners of a single-family or duplex property to encourage the installation of energy efficient heating and cooling systems, efficient water heating systems and air sealing and insulation retrofits for existing homes.
The REELP has financed work for twenty different HVAC and weatherization contractors across Delaware. Participation in the loan program is coordinated through the Energize Delaware Home Performance with ENERGY STAR Program. Loans are available at a 5.99% interest rate in amounts up to $30,000, for a maximum 10-year term. Loan amounts can finance the entire project cost.
The Energize Delaware residential programs have been a huge benefit to not just offer rebates for energy efficiency home improvements for Delaware homeowners, but they also make it possible for everyone in Delaware to afford it, which is huge!
“Allowing our customers, the option to finance their whole house energy improvements on one loan has helped increase their satisfaction and enthusiasm towards the Home Performance with ENERGY STAR program while providing them with the lowest monthly payment spread out over 10 years with no early repayment penalty,” explained David Maichles, a local contractor who actively participates in the program.
To learn more on how to apply and to find a participating contractor, homeowners should visit the website Home Energy-Efficiency Loan Program – Energize Delaware