KY Home Performance will create jobs and make homes more energy efficient
LEXINGTON, KY – November 15, 2010 – (RealEstateRama) — First Lady Jane Beshear today visited the home of Lexington residents Larry and Melissa LeVine to see firsthand the energy-efficiency improvements being made as a part of KY Home Performance, a comprehensive, energy-efficiency program designed to help Kentucky homeowners save energy while increasing the comfort of their homes.“I encourage Kentuckians to take advantage of this unique program to make home improvements just as Steve and I have done in the Governor’s Mansion and in our own home,” said Mrs. Beshear. “KY Home Performance assists Kentucky families in financing energy-efficiency upgrades to make their homes more energy efficient while also creating opportunities for green jobs.”
KY Home Performance offers a rebate of up to $2,000 or financing up to $20,000 for qualified improvements at a 6.99 percent interest rate for a maximum 10-year term.
Kentucky Housing Corporation (KHC), the organization that administers the program, anticipates that at least 1,200 homes statewide will receive home-energy upgrades through KY Home Performance by March 2012.
“Investing in home improvements is one of the soundest investments a homeowner can make,” said Richard L. McQuady, chief executive officer of KHC. “KY Home Performance provides homeowners with a detailed report that shows where the home is losing energy and what improvements will provide the most energy savings, so homeowners can make informed decisions about the upgrades they want made.”
All homes participating in the program receive a comprehensive, home-energy evaluation by a certified professional. The homeowner and the evaluator then review a report that identifies opportunities in the home to save energy. Once the homeowner decides which improvements are to be made, they can choose if they want a rebate or the below-market rate loan. A certified contractor/evaluator or approved installer then makes the improvements.
“KY Home Performance is not only beneficial for participating residents but also helps the construction industry in the state, which started waning when home sales plummeted,” said Finance and Administration Cabinet Secretary Jonathan Miller. “KY Home Performance creates jobs through additional manufacturing, installation, and testing to ensure all homes and equipment meet the program’s standards.”
KY Home Performance is funded by a $4 million State Energy Program Grant, provided by the American Recovery and Reinvestment Act (ARRA), plus an additional $2.1 million from the Kentucky Housing Corporation. The program is a partnership between KHC, the Kentucky Department for Energy Development and Independence and the Finance and Administration Cabinet.
“KY Home Performance creates an entirely new market niche for contractors, allowing them to expand business, even in a down housing market,” said Len Peters, secretary of the Energy and Environment Cabinet. “Homeowners get to improve the quality of their homes and save every month on their utility bills. And utility providers get to defer construction of expensive new power plants and rate hikes. It’s a win for everyone involved.”
KY Home Performance will provide $150 toward the cost of a KY Home Performance whole-house energy evaluation for the first 1,000 homes to register for the program. Also, the first 1,000 homes will receive a free, quality-assurance evaluation after the work has been done to verify the installation of the improvements, provide the homeowner with an evaluation of the home’s energy performance after the investment and help project energy savings.
“Blue Grass Energy strives to help members improve energy efficiency and comfort in their homes,” said Cathryn W. Gibson, vice president of member services and economic development. “The Kentucky Home Performance process will help members save significantly on utility bills and help protect the environment by reducing greenhouse gas emissions. It’s a program Blue Grass Energy is proud to promote.”
Terms and conditions apply. To sign-up for the program or to learn more, visit the KHP website at www.KYHomePerformance.org.