Austin Energy - Home Energy Loans

Summary

Austin Energy began the Home Energy Loan program in 1985 as a program that offered low-interest financing to customers to finance home energy efficiency. Customers choose one of two loan options: - a 5.99%interest Home Improvement Loan: 3, 5, 7, or 10 year repayment periods, and $6,000 maximum loan amount ($9,000 for duplexes); or - a 7.99% interest Major Home Improvement Loan: 3, 5, 7, or 10 year repayment periods, and $9,000 maximum loan amount. Austin Energy also offers a Home Energy Air Conditioning and Appliance Rebate program. Customers can receive a rebate on solar water heaters and energy-efficient equipment, such as heat pump water heaters, heat recovery water heaters, and package air conditioners and heat pumps. Funding for the rebates comes from Austin Energy’s revenues. For solar water heaters, there are three rebate options available to customers: - 16 square foot collector area or less: $150; - 16 to 35 square foot collector area: $250; and - 36 square foot collector area or more: $350. Austin Energy promotes both the Home Energy Loan and the Home Energy Air Conditioning and Appliance Rebate programs to the public through bill inserts, on billboards, and in advertisements for TV, newspapers, and magazines. The utility also publicizes the loans and rebates at presentations to neighborhood associations and businesses, and in literature distributed at home improvement shows and the Austin City Chamber of Commerce. Participating customers must choose to accept either the loan or the rebate, but not both.