There’s a new federal grant aimed directly at helping property owners and specifically landlords. It provides a cash infusion toward weatherizing apartments in a way that helps decrease energy bills and acts as a general building or home improvement incentive.
Coming just before the hard East Coast winter sets in, these low interest loans are fantastic for both the property owner and for their tenants.
Loans and Rebates Galore
The new program is a joint effort between the federal government, who supplied $25 million in stimulus money, and a regional program called EnergyWorks offers landlords either rebates on home-energy assessments or less than 1% interest on loans to make energy improvements.
Many Philadelphia rental owners are applying and being granted funding to make their properties more energy efficient. For tenants, this translates to warmer apartments in winter and lower bills because new technology is employed. The opportunity to look at geothermal heating and cooling systems, better insulation and even lighting that is more energy efficient is a bonus for everyone.
Less Bureaucracy And More Action
This new accomplishment is meant to lessen the usual red tape that these types of rebates and loans normally carry with them. The Philadelphia rental owner who applies for them finds the wait time far less than any other incentives that have come down the pike. Add that to the ultimate ability to save money for tenants while the loans are low-interest and tax deductible and there is a recipe for success. Even the commercial loans are coming in with interest rates at no more than 3.5%.
EnergyWorks has a two-fold goal. They want to make Philadelphia rental properties greener while giving the property owner a good incentive to make changes and upgrades to their property. It is estimated that savings for individual properties can be as much as 25%, and over the long term, that’s a savings that is passed on to tenants as well. The loans and assistance can range from complete revamping of current heating and cooling systems to much simpler ways of winterizing.
Promotion And Assistance
EnergyWorks is spending some of the stimulus money to develop a website and an awareness campaign with which they hope to reach as many property owners as possible with the least amount of bureaucracy. www.energyworksnow.com is up and running and a great place to understand how it can help your Philadelphia rental property.
The site has complete information on how your property can be inspected and assessed, and what methods are available to help you with upgrades. While there may be other sites like it, this is the one that is directed solely toward Philadelphians and their property. Check it out. If your Philadelphia rental property could use some help this winter, it may the be the option you’ve been looking for. Stay warm!
