Pennsylvania Launches KEEP Home Energy Loan Program to Boost Efficiency for Homeowners

The Pennsylvania Energy Development Authority (PEDA) and the Department of Environmental Protection (DEP) have partnered to create the Keystone Energy Efficiency Program (KEEP) Home Energy Loan program. This program provides affordable financing options for Pennsylvania homeowners to make energy-efficient upgrades. It is a significant step towards promoting sustainable living and reducing energy costs in the state.

The program is meant to help homeowners who live in single-family homes or buildings with up to four units. It aims to make it easier for them to make energy-related improvements. You can upgrade your home with storm windows, ductless heating and cooling systems, smart thermostats, solar water heaters, and electric vehicle chargers, among other options. All improvement work must be done by contractors who are approved by the National Energy Improvement Fund (NEIF). NEIF is a lender that is a Certified Benefit Corporation and is based in Allentown. They will manage the program on behalf of PEDA.

Jessica Shirley, who is currently serving as the Interim Acting Secretary of the Pennsylvania Department of Environmental Protection and also chairs PEDA’s board of directors, expressed excitement about the partnership with NEIF. “This special loan is a great chance for homeowners to get funding for their energy-focused home improvement projects and save money on their electricity bills,” Shirley said, urging people in Pennsylvania to use this financial support to make their homes more energy efficient.

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Geoff Bristow, the Acting PEDA Executive Director, emphasized the larger goals of the program. He stated, “The KEEP Home Energy Loan is only the first step.” We are going to offer a range of financing options to help fund energy improvement projects in Pennsylvania. These programs will focus on promoting clean and efficient energy in different sectors.

NEIF has helped provide over $900 million in energy efficiency financing across the country. They have a lot of experience with this program. Peter Krajsa, who is both the Co-Chair and Managing Member, highlighted NEIF’s dedication to making it easier for people to access high-quality energy improvements. “We aim to assist homeowners in enhancing the comfort and energy efficiency of their homes by making it more cost-effective to install high-quality energy improvements,” Krajsa explained.

The KEEP Home Energy Loan program is known for its borrower-friendly terms. It offers simple-interest, fixed-rate installment financing for projects that cost between $2,500 and $25,000. Importantly, the borrower’s home does not have any lien, there are no fees for the borrower, and there is no penalty for repaying the loan early. This makes it a very appealing choice for homeowners who want to invest in energy efficiency upgrades. The application process is made simple and digital, so that it is easy for all eligible homeowners to access.

This initiative is happening at an important time because many people in Pennsylvania are worried about the cost of energy. The KEEP Home Energy Loan program offers low-cost financing options for making energy-efficient home improvements. Its goal is to help homeowners lower their monthly utility bills and also contribute to reducing the state’s carbon footprint.

In addition, the program focuses on having approved contractors perform high-quality installations. This means that homeowners will experience improvements that genuinely increase energy efficiency and make their homes more comfortable. The KEEP Home Energy Loan program is a valuable resource for Pennsylvania residents who want to make their homes more energy-efficient. It provides financial assistance and helps to achieve both short-term financial relief and long-term environmental benefits.

The goal of the KEEP Home Energy Loan program is to promote energy efficiency and sustainability. The state is taking a big step towards a greener future and a more stable economy for its residents by making it easier and cheaper for homeowners to upgrade their homes.