No, the Town does not loan money to homeowners for any improvements. Money for this program is coming from the Solid Waste Fund as a benefit assessment. A benefit assessment is when a municipality provides a specific improvement on a property for a public purpose, i.e. remediating the environmental damage caused by leaky and inefficient homes. The Town will then assess the cost of the benefit against the property.
The Town will provide for energy saving improvements up to but not to exceed $12,000 per home. Homeowners will then pay the Town directly for the improvements through a monthly benefit assessment fee.
The amount of the monthly benefit assessment fee is structured to be less than the monthly savings on a residents' energy bills resulting from the improvements. There is an additional 3% administrative fee applied to these monthly payments.