Alaska bill proposes low-interest loans for home heat conversions
The Alaska House Finance Committee has approved a bill that would provide low-interest loans to homeowners who wish to convert their homes to biomass, district heating or electric heat, natural gas or propane.
A loan under the Home Heating Conversion Loan Program would cover the cost of the device up to $7,500, and would have a 1 percent interest rate with a repayment period of 10 years. Loans would not be subject to income limitations.
To qualify for the program, a homeowner must cover the cost of a required inspection from an energy rater or a registered mechanical contractor. The inspection will determine whether a conversion would increase the energy efficiency of the home, and also provide the homeowner with an estimate of the cost savings and change in energy efficiency as a result of the conversion.
House Bill 312 will now make its way to the Alaska House floor for a vote.