Loan Program To Help With Energy Efficiency Aimed At Low-Income
Rising energy costs are just one more worry for those with low incomes.
To provide some relief, Credit Union ONE here has rolled out a new low-interest loan to help people to improve home energy efficiency.
The new program, called "Faith In Energy," is being coordinated through Urban Options Inc., a non-profit community agency which provides energy and environmental information services. It is available to low-income residents the downtown and Eastside Detroit parishes of St. Augustine, St, Monica, Nativity of Our Lord and St. Suzanne Our Gate of Heaven Catholic Church and St. Peter Episcopal Church.
Program applicants receive energy efficiency consultations performed by an Urban Options energy specialist. These consultations will involve minor home weatherization assistance such as the replacement of furnace filters and the installation of weather stripping, programmable thermostats, light bulbs and electric outlets, the credt union said.
For those electing to have these repairs, the Urban Options energy specialist will provide all products and the weatherization service at a cost of under $200. The weatherization improvements can be paid for with cash or through a low-interest Energy Share loan through Credit Union ONE.
"In addition to helping underserved Detroiters cope with hardships associated with escalating fuel costs, the Faith in Energy program will provide them an opportunity to build new credit or improve their credit standing by paying back the loan on a timely basis," said Credit Union ONE President and CEO Armando Cavazos.
All loans will be secured by funds in the share account of Urban Options. These funds were part of a grant from the State of Michigan.
For more information on this program, contact Jeffrey Federoff, Credit Union ONE Consumer Loan Manager at (248) 584-5040.