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New York weighs up loans for green homes
21/09/09
A bill that would provide loans of $13,000 (£8,037) to help residential property owners in New York to carry out green home improvements has been sent to the state's governor for final approval. Under the proposed legislation, a $112 million "revolving loan fund" would pay for local tradesmen to add insulation, more efficient boilers, new furnaces or storm windows in order to cut both energy bills and carbon emissions, the Associated Press reports.
Residents would pay off the loans using the savings on their energy bills.
New York senator Tom Morhan, who sponsored the bill, told the news provider that residential property owners currently pay between $3,000 and $4,000 a year heating the state's inefficient housing.
He added that the loans would remove the upfront costs of green home improvements and could help to cut fuel bills by up to 40 per cent.
Supporters of the bill also claim the scheme would create between 5,000 and 15,000 jobs for builders, plumbers and others involved in carrying out the work.
The Green Building Council has put forward proposals for a similar Pay As You Save scheme in the UK, calling for loans of up to £10,000 to help property owners improve the energy efficiency of their homes.
