Agriculture Secretary Tom Vilsack announced a new program that will help rural residents conserve energy and save money on their utility bills.
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The new Rural Energy Savings Program (RESP) will make $52 million in loans available to energy providers to help rural families and small businesses reduce their energy use.
"Investments like the ones we will make through the Rural Energy Savings Program not only reduce energy costs for consumers, but also build a cleaner and more sustainable energy future," Vilsack said.
"This program is the latest of many financing options USDA provides to rural communities to expand energy efficiency efforts and strengthen rural economies."
RESP will provide loans to rural energy providers who in turn fund projects for consumers to make energy efficiency improvements in their homes or businesses that will lower their energy use.
Eligible applicants include current and former Rural Utilities Service (RUS) borrowers, subsidiaries of current or former RUS borrowers, and entities that provide retail electric service in rural areas.
RESP borrowers finance loans at zero percent interest for up to 20 years, making the program an attractive and affordable option to finance energy-saving measures.
Energy customers participating in programs financed through RESP then repay the loans at an interest rate of up to 3 percent for up to 10 years through their electric bills.
RESP builds upon the work that USDA Rural Development has done to help improve the energy efficiency of single- and multi-family housing, businesses, farms and utilities.
It aligns with the Obama Administration's StrikeForce for Rural Growth and Opportunity and Promise Zone initiatives to help revitalize communities and expand economic opportunity through targeted funding, technical assistance and partnerships. RESP will be used to focus on low-income, high-energy-cost communities. ■
A trailing cold front in connection with a low pressure system currently moving east across the Great Lakes toward New England will bring a chance of rain into the eastern U.S. on this first day of November following an exceptionally dry October for this part of the country.