Agriculture
Secretary Tom Vilsack today announced that USDA will take new steps to
save consumers money on their energy bills in partnership with rural
electric cooperatives.
USDA plans to provide rural electric cooperatives
up to $250 million to lend to business and residential customers for
energy efficiency improvements and renewable energy systems.
"Energy efficiency retrofitting can shrink
home energy use by 40 percent, saving money for consumers and helping
rural utilities manage their electric load more efficiently," said
Vilsack. "Ultimately, reducing energy use helps pump capital back into
rural communities. This program is designed to meet the unique needs of
consumers and businesses to encourage energy efficiency retrofitting
projects across rural America."
Vilsack noted the Energy Efficiency
and Loan Conservation Program, by promoting energy savings in rural
areas, is another step by which USDA is supporting President Obama's
Climate Action Plan. The program will help build a cleaner and more
sustainable domestic energy sector for future generations by reducing
barriers to investment in energy efficiency and potentially cutting
energy bills for American families and businesses in the process.
Although energy efficiency measures can
reduce home energy use considerably, many consumers and businesses do
not invest in them because they lack the capital or financing to do so.
Consistent with President Obama's Climate Action Plan, this program will
reduce barriers to these investments by making financing more
available.
Funding will be provided to rural electric
cooperatives and utilities – the majority of which already have energy
efficiency programs in place – who will then re-lend the money to help
homeowners or businesses make energy efficiency improvements. In
addition to energy audits, the loans may be used for upgrades to
heating, lighting and insulation, and conversions to more efficient or
renewable energy sources.
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