GRAND TRAVERSE COUNTY, Mich., (WPBN/WGTU) -- The U.S. Department of Agriculture Rural Development awarded Traverse City Light and Power a $1.8 million loan to support the utility's On-Bill Financing Program through the Rural Energy Savings Program.
According to TCL&P, the new program will give customers an avenue for low-interest rate and longer-term loans for energy efficiency upgrades to their homes.
Light and Power said the loan amounts being offered range from $5,000 to $30,000.
They are starting the loan amount higher to push people a little more to make more significant energy-saving changes.
However, it is not just electricity involved in the program.
"We're offering this for both gas and electricity efficiency savings, so it's not just going to benefit us as an electric utility, but DTE the gas provider in our area will also benefit with their efficiency program and their gas customers will be able to take advantage," said Jacob Hardy, Light and Power's Energy Efficiency Program Manager.
"Congratulations to Traverse City Light and Power for being the first municipal light and utility in Michigan and it sounds like the country to use USDA rural energy savings plan for funding, for an on-bill program in line with our mission at Michigan Saves is to expand access to clean energy options, we're so honored to partner with you to offer clean energy financing for homeowners, for renters and other residential customers looking to complete energy efficiency and renewable energy improvements," said Mary Templeton, Michigan Saves CEO.
TCL&P said they are offering an energy audit upfront for customers to understand where they could be saving.
The company said they will be providing $200 credits until the end of the year to help with the cost.