Need a new furnace or windows? SL County wants to loan you money

(Salt Lake Tribune) No need for a bank loan to replace those drafty windows, swap that decades-old furnace or install solar panels on your roof.

Salt Lake County soon could become a low-interest lender to homeowners who want to make their houses more energy efficient.

But first, it will take a law change.

The county will pitch plans to the Utah Legislature this year to allow homeowners in the valley to borrow up to $50,000 from government for energy upgrades -- whether it's to stuff more insulation into the attic or replace a sliding door that whistles when the wind blows -- then pay back that money through their property taxes.

It's a green initiative that County Mayor Peter Corroon hopes will save money and put contractors to work during these tough economic times.

"It is a great way to push toward energy efficiency," he said. "There is no cost to government, and it will help stimulate our economy and reduce our energy costs. It is a win-win-win."

The program would work like this: The county would create a pool of money by issuing bonds. And homeowners, after attending a workshop about how the program works, could borrow between $3,000 and $50,000 to do their home-improvement projects.

The debts would be paid back on residents' property tax bills with enough interest to cover the county's bond payments. If the borrower defaults, the county could place a lien on the home.

Original Article