Are you sick and tired of paying an arm and a leg for your electricity bills? Congress is considering legislation that could bring you some relief. A bill was introduced to the House of Representatives this summer that would update the Title I Home and Property Improvement Loan Program, which helps consumers make efficiency upgrades to their homes. The new bill is intended to help homeowners invest in solar energy to power their home electrical work. Read on to learn more about this legislation and how it can help you.
Upgrading Your Electrical Work
The Title I home loan program has been around since 1934, aimed at helping homeowners with capital for home improvement upgrades. Currently, Title I is working through the Federal Housing Authority's Power Saver program, designed to promote clean energy and fight climate change. Home energy efficiency upgrades like photovoltaic solar panels, therefore, are a natural fit for the program.
The legislation currently in front of Congress, called the “Solar and Water Efficient Homes Act,” would update the Title I guidelines to better accommodate modern technologies, as well as increase the number of loans that are available and reduce the bureaucratic red tape that has bogged down the program in the past.
Bringing the Capital to You
Upgrading your home can require significant costs that are beyond the reach to many low and middle income families, so the Title I program provides capital that allows homeowners to realize energy savings immediately. Those who are eligible can get loans of up to $25,000 to make a variety of efficiency upgrades to their electrical work, most notably by installing solar panels. The program will also help homeowners purchase new HVAC systems, beef up their home insulation, buy new water heaters and even install geothermal heating systems.
“Title I loans have helped hundreds of thousands of homeowners improve their homes,” Rep. Jared Huffman (D-California), one of the bill's sponsors, said in a press release. “It’s time we make it easier for homeowners to invest in energy efficiency upgrades and improve water conservation, creating good local jobs, and helping the environment.” The legislation also hopes to spur job creation by encouraging consumers to spend more money on home services labor and equipment.
Efficiency Arrives at Your Home
When it's time to boost your home efficiency, Title I is there to lend a helping hand – and if Congress passes the Solar and Water Efficient Homes Act, the incentives will be even stronger. If you want to learn more about the Title I loan program, or need any repairs done on your home electrical work, contact a qualified electrician today.