The City of Ann Arbor is preparing a new loan program for conservation improvements for homes and businesses.

The program would provide funds for energy efficiency and conservation improvements and projects.

Under the federal stimulus package, Ann Arbor was allocated $1.24 million under the Energy Efficiency and Conservation Block Grant program. Under the city’s proposal, municipal installation of LED streetlights and other equipment would use $480,000 of the grant, and a loan program for residential and commercial real estate improvements would be allocated $763,400.

Although plans are not completely finalized yet, the fund would be idea for a homeowner or business and want to do an installation of an energy conserving device, for example a solar water heater for instance. There would also be a small revolving loan fund created for commercial real estate improvements. The proposed $70,000 fund would pay for energy audits and half of the improvements recommended. All great news for the city.

In total, the federal money was allocated by population, and cities and townships in Washtenaw and Livingston counties received a total of $2.5 million.

Watch this space as the plans for the usage of these funds to benefit Ann Arbor residents and Real Estate owners shape up.

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