LOUISVILLE, KY – November 22, 2010 – (RealEstateRama) — First Lady Jane Beshear, joined by other state and local officials, today visited the home of Louisville residents Mathew and Bridget Triplett who are participating in KY Home Performance, a program that will help homeowners across the Commonwealth save on their energy bills while also creating jobs.
“KY Home Performance assists Kentucky homeowners in determining which home upgrades will result in the most energy savings and offers financing options for the homeowner to make the improvements,” said Mrs. Beshear. “Measures to improve a home’s energy efficiency may vary significantly in cost, but KY Home Performance evaluates the most effective opportunities for each house and gives families financial incentives to pursue valuable weatherization options. I encourage Kentucky families to take advantage of this program to increase the energy efficiency of their homes.”
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 state-housing finance agency that is administering the program, anticipates at least 1,200 homes statewide will receive home-energy upgrades through KY Home Performance by March 2012.
“Many homeowners think by simply replacing windows or old air conditioning units they can save energy and money,” said Andrew Isaacs, KY Home Performance program manager. “Making these improvements may have some savings but without evaluating the whole home, the house may still be losing energy and money through leaky ducts or not enough insulation.”
KY Home Performance takes a whole-house approach to optimize a home’s energy efficiency and comfort. 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.
“This program helps improve the comfort of a house and lower utility bills but it is not just homeowners who will benefit from this unique program,” said Jonathan Miller, secretary of the Finance and Administration Cabinet. “KY Home Performance also creates sustainable jobs in the green construction industry across the state 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, 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 on their utility bills; 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 is completed 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.
Terms and conditions apply. To sign-up for the program or to learn more, visit the KY Home Performance Web site at www.KYHomePerformance.org.
cindy.lanham (at) ky (dot) gov