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Thursday, June 14, 2012

Resident Commissioner and Federal Housing Administration Educate Puerto Rico Public on PowerSaver Program to Finance Energy-Saving Home Improvements

San Juan, Puerto Rico- Resident Commissioner Pedro Pierluisi today urged residents of Puerto Rico to educate themselves about a new federal program, called PowerSaver, that provides certain borrowers with low-cost, federally-backed loans to make improvements to their homes that reduce energy bills.

The program is administered by the Federal Housing Administration (FHA), which provides mortgage insurance on loans made by FHA-approved lenders throughout the United States and its territories.

Pursuant to the PowerSaver program, eligible homeowners will be able to borrow up to $25,000 for terms as long as 20 years to make energy improvements to their homes, based on a list of proven measures developed by FHA and the U.S. Department of Energy. Examples of eligible improvements include insulation, duct sealing, energy efficient doors and windows, energy efficient HVAC systems and water heaters, solar panels and geothermal systems.

“Every day, more and more Puerto Rico residents are looking for ways to reduce their energy bills. But to achieve savings, our people must invest in new technology for their homes. PowerSaver is a tool that enables precisely that, helping homeowners to finance energy-saving improvements to their houses,” said the Resident Commissioner during a press conference he held with Efrain Maldonado, the U.S. Department of Housing and Urban Development’s Field Office Director for Puerto Rico.

Interest rates on PowerSaver loans are expected to be between 5 and 7 percent, depending on the borrower’s credit rating, and 90 percent of the loans will be backed by the FHA in the event of a default by the borrower.

“I urge all those who are interested in making energy-saving improvements to their homes to obtain more information about this program. We must take advantage of every tool that the federal government makes available to help us reduce energy costs and promote ‘green’ homes,” said Pierluisi.

Interested individuals should visit http://espanol.hud.gov/home.html or call (787) 766-5400.