How is this for exciting?  The Town Of Babylon is basically going to offer each homeowner up to $12,000 with a low 3% interest rate.  The home owner then will pay back the town.  The idea is that the savings from the energy upgrades should offset the monthly payment to the town.  The amount loaned to each homeowner will be based on the results of a required home energy audit which will dictate which changes they need to make. 

Basically this is the same thing you would get with an energy efficient mortgage or heloc, but since we are facing the slowdown in the lending industry, these programs have disappeared.  It is nice to see a city making such a proactive change. This will stimulate the city’s economy, provide local jobs and ultimately save the city money in infrastructure upgrades. 

From the Town Website:

“Under the Long Island Green Homes Program residents can make energy efficient improvements to their homes at little or no cost and without assuming new debt. This innovative new program will help combat global warming by reducing carbon emissions by 65,000-130,000 tons, reduce energy costs for homeowners and create 6,600 new green collar jobs.  

Most homes, even newer construction, have been built without much consideration for conserving energy. The average home is leaking considerable amounts of energy on a daily basis which in turn means that homeowners are  wasting money. With energy costs at all time highs, especially on Long Island, homeowners can no longer afford to waste energy. Under the Long Island Green Homes Program the average resident will reduce their energy costs by $1,160 a year.   

The average home in Babylon is responsible for the emission of approximately 25 lbs. of carbon per day.  In Babylon, there are more than 65,000 single family homes emitting 1.6 million lbs of carbon on a daily basis. Babylon’s Long Island Green Homes Program will reduce the carbon footprint of each participating household by 20-40% taking an average of 1-2 tons of carbon out of the atmosphere a year.”