Pennsylvania Launches KEEP Home Energy Loan Program to Boost Efficiency and Cut Costs for Homeowners

Eectricity© jdwfoto / Getty Images / Canva

HARRISBURG, PA — The Pennsylvania Energy Development Authority (PEDA), in collaboration with the Department of Environmental Protection (DEP), has introduced the Keystone Energy Efficiency Program (KEEP) Home Energy Loan program. This initiative offers Pennsylvania homeowners affordable financing options to undertake energy-efficient upgrades, signaling a significant step towards more sustainable living and energy cost reduction in the Commonwealth.

The program, designed to assist single-family homeowners and residents of owner-occupied multi-unit residential buildings with up to four units, aims to facilitate a wide range of energy-focused improvements. Eligible upgrades include the installation of storm windows, ductless heating and cooling systems, smart thermostats, solar water heaters, and electric vehicle chargers, among others. All improvement work must be executed by contractors approved by the National Energy Improvement Fund (NEIF), a Certified Benefit Corporation lender based in Allentown, which will administer the program on behalf of PEDA.

Jessica Shirley, the Pennsylvania Department of Environmental Protection Interim Acting Secretary and chair of PEDA’s board of directors, expressed enthusiasm about the partnership with NEIF. “This special loan offers a fantastic opportunity for homeowners to finance their energy-focused home improvement projects and pay less for their electricity bills,” Shirley stated, encouraging Pennsylvanians to leverage this financial support to enhance their home’s energy efficiency.

Acting PEDA Executive Director Geoff Bristow highlighted the broader ambitions of the program: “The KEEP Home Energy Loan is just the beginning. We plan to introduce a comprehensive suite of financing programs aimed at supporting clean and efficient energy improvement projects across various sectors in Pennsylvania.”

NEIF, which has facilitated over $900 million in energy efficiency financing nationwide, brings a wealth of experience to the program. Co-Chair and Managing Member Peter Krajsa emphasized NEIF’s commitment to making quality energy improvements more accessible. “Our focus is on helping homeowners increase their homes’ comfort and energy savings by making it more affordable to install quality energy improvements,” Krajsa explained.

The KEEP Home Energy Loan program stands out for its borrower-friendly terms, including simple-interest, fixed-rate installment financing for projects ranging from $2,500 to $25,000. Notably, there is no lien on the borrower’s home, no borrower fees, and no penalty for early repayment, making it a highly attractive option for homeowners looking to invest in energy efficiency upgrades. The application process is streamlined and digital, ensuring ease of access for all eligible homeowners.

This initiative arrives at a critical time when energy costs are a significant concern for many Pennsylvanians. By providing affordable financing for energy-efficient home improvements, the KEEP Home Energy Loan program not only aims to reduce monthly utility bills for homeowners but also contributes to the broader goal of reducing the state’s carbon footprint.

Moreover, the program’s emphasis on quality installations by approved contractors ensures that homeowners will benefit from improvements that truly enhance energy efficiency and home comfort. As Pennsylvania residents look to make their homes more energy-efficient, the KEEP Home Energy Loan program represents a pivotal resource in achieving these goals, offering both immediate financial relief and long-term environmental benefits.

In summary, the KEEP Home Energy Loan program aims to proactively foster energy efficiency and sustainability. By making it easier and more affordable for homeowners to upgrade their homes, the state takes a significant stride towards a greener future and a more economically stable environment for its residents.

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