Energy Smart Loan
Salt Lake County’s Energy Smart Loan is a toll that makes low interest loans available to moderate and low-income homeowners for energy efficient home improvements.
If you install a new furnace, air conditioner or insulation you improve the comfort of your home while saving money and reducing waste. The low interest financing provided by the Energy Smart Loan provides a way to weatherize your home and make energy improvements without creating a financial hardship for you and your family.
Energy Smart loans can also finance the purchase and installation of renewable energy improvements including solar, wind, and geo exchange technology.
Who Can Apply?
Salt Lake County homeowners, including homeowners living within one of the County’s sixteen incorporated cities, who meet the following criteria:
- Must occupy their home
- Have a combined household income that is 80% or less of area median income
Terms and Rates
- Repayment Period: 2-10 years
- Interest Rate: 5%
- Minimum loan value is $2,000 and maximum is $50,000
- Loan to Value Ratio: 97%
- Total Debt to Income Ratio: 45%
- Credit Score: 600+
The loan is administered by the Community Development Corporation of Utah. The Community Development Corporation also employs individuals who will help you identify and apply for all tax credits and utility rebates that you are eligible for and those rebates will be used to reduce the principle amount of your loan.
Energy Saving Experts
As mentioned earlier, making energy improvements for your home is not only better for the environment, it also saves you money on utility bills and improves the resale value of your home. If you have questions on this program or on other ways to increase the property value of your Utah real estate, please don’t hesitate to contact us.
