The average homeowner pays more for heat and air conditioning than any other utility. If you're sick of shelling out a small fortune for your HVAC bills, there's some good news. Currently, Congress is considering legislation to improve the Title I Home and Property Improvement Loan Program, which helps consumers make efficiency upgrades to their homes. Among other changes, the new bill would make it easier for homeowners to invest in new heat and air conditioning technology as well as home insulation, taking a big bite out of monthly HVAC costs. Read on to learn more about this legislation and how it can help you.
Upgrading Your Heat and Air Conditioning System
The Title I home loan program began in 1934, designed to assist homeowners with capital for household improvement upgrades. Currently, Title I is working hand-in-hand with the Federal Housing Authority's Power Saver program, which aims to promote clean energy and fight climate change. Home energy efficiency upgrades are a natural fit for the program.
The legislation in front of Congress this summer, called the “Solar and Water Efficient Homes Act,” would update the Title I guidelines to better account for modern technologies, as well as increasing the value of loans that are available and removing bureaucratic red tape that encumbers some aspects of the program.
Cheaper Heat, Cheaper AC
Upgrading your home can require substantial upfront expenses, so the Title I program provides the capital to make the improvements so you can start realizing energy savings right away. Homeowners who are eligible can get loans of up to $25,000 to make a variety of efficiency upgrades to their HVAC systems, most notably by purchasing new, efficiency-optimized heat and air conditioning equipment. The program will also provide money to improve your home insulation so all that treated air stays inside the house where it belongs. If you want to go all-out with the ultimate in efficiency technology, it can even help you with installing 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 pushing more money into the home services industry.
Efficiency Arrives at Your Home
When it's time to boost your home efficiency, Title I can lend a big assist – 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 performed on your heat and air conditioning system, contact a qualified HVAC technician today.