Loan Rate Reduction Program Lowers Interest on PowerSaver Loans to 0%
Home Energy Improvements Now More Affordable Than Ever for Charlottesville Area Homeowners
Charlottesville, Virginia: Thanks to a unique partnership between UVA Community Credit Union and the Local Energy Alliance Program (LEAP), homeowners in the City of Charlottesville, and counties of Albemarle, Fluvanna, Greene, Louisa, and Nelson, can reduce the already low rates of their PowerSaver energy-efficiency loans even further to 0.00% APR.
“By minimizing the effect of their loan payment on their monthly cash flow, this new program makes it possible for more homeowners to make an investment in reducing their energy bill over the long-term,” says Cynthia Adams, LEAP’s executive director. “With winter weather approaching and only a limited amount of 0% loans available, this is the best deal at the best time for home energy improvements.”
The funding for the Residential Interest Rate Reduction Program, available only through LEAP, is limited. As a result, LEAP urges homeowners planning to apply for a PowerSaver loan to immediately reserve their place in the program by calling LEAP at 434-227-4666 or emailing email@example.com. More information is available at www.leap-va.org/powersaverloans.
Unsecured PowerSaver Loans of $7,500 or less with terms up to five years and secured PowerSaver Loans of $10,000 or less with terms up to 10 years are eligible. In Charlottesville, the eligibility requirements for secured loans are slightly different. Homeowners with PowerSaver loans of $25,000 or less with terms up to 15 years can benefit from rate reduction.
Currently the rate for a five-year unsecured PowerSaver Loan is just 4.99% APR. With the rate reduction, the APR would be 0.00%. Additionally, there are no appraisal or closing fees associated with these loans, potentially saving homeowners hundreds of dollars or more.
“We’re very pleased to partner with LEAP on this initiative,” says Alison DeTuncq, credit union president and CEO. “It makes PowerSaver Loans even more affordable-and therefore accessible for more people.”
Eligible projects for the LEAP Interest Rate Reduction Program include the installation of insulation, air and duct sealing, replacement doors and windows, HVAC systems, skylight replacement, storm doors and windows, water heaters, roofing, and energy assessments. The credit union was one of just 18 lenders nationwide selected by the Department of Housing and Urban Development to participate in this pilot loan program and the first to make it available to the public.
The Local Energy Alliance Program (LEAP) is a community-based nonprofit that provides local residents and property owners in Central Virginia with a one-stop shop for information they need to create a more comfortable, efficient, and affordable home or building. LEAP leads local efforts to conserve water and energy in buildings and, in the process, promotes cost savings, job creation, sustainability, local economic development, and environmental stewardship. Through financing and the bundling of existing incentives from all levels of government and local utilities, LEAP helps home and building owners invest in efficiency. (leap-va.org)
UVA Community Credit Union is a not-for-profit cooperative with over 55,000 member-owners who benefit from comprehensive banking, lending, investment, and education services. Membership is available to any person who lives or works in Charlottesville, Albemarle, Fluvanna, Greene, Louisa, Madison, Nelson, or Orange and any business located in these areas. This credit union is an Equal Housing Lender. (uvacreditunion.org)
Annie Suttle, LEAP