Lights out on home-energy loan bill

(Salt Lake Tribune) Application denied.

Salt Lake County won't get the chance to lend thousands of dollars in low-interest loans to homeowners who want to replace drafty windows, upgrade a furnace or put solar panels on the roof.

A bill that would have made those loans possible never reached a Utah Senate vote, largely because of the lobbying efforts of the Utah Banking Association.

"If a homeowner is credit-worthy, they should get that loan from a bank or a credit union," said Howard Headlee, president of the Utah Bankers Association. "If they are not credit-worthy, the county should not be giving them a loan that takes top priority."

It's a setback for the county, which has lobbied for the loan program as a way to overcome the financial barriers that often stand in the way of energy retrofits.

"Obviously, we are disappointed that it isn't going to make it through the legislative session," Mayor Peter Corroon said. "We can still find ways to achieve what we are looking for in a different manner. We thought it was a good economic development bill, a good energy-efficiency bill and a good-renewable energy bill."

Under the program, not only could residents borrow money at the same interest rate as government, but they also could pay it back on their property taxes. The debt then would stay with the house, meaning that the loan could pass from seller to buyer as the home changes hands.

Original Article