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April 19th marks the official kick-off of the City of Seattle’s Community Power Works (CPW) program. Check out the video of the official event with Mayor Mike McGinn, U.S. Congressman Jay Inslee, and our own Josh Farris! CPW will assist homeowner in Central and Southeast Seattle with retrofits that will increase the energy efficiency and health of their homes. Homeowners in the target area are automatically enrolled in the program and will be offered a subsidized energy audit ($95 instead of the usual $400) by a qualified contractor, such as Sound Home Performance, that will help them identify opportunities to improve the energy efficiency, indoor air quality, and comfort of their homes. The real strength of CPW, however, is in the innovative funding offered to participants.
This includes:
- Low interest, fixed rate loans:
- Term: 20-year (no fees for early repayment)
- Rates: Fixed at 5.99% or 3.99%, depending on income
- Amount: Up to $20,000
- Eligibility: Based on
- Credit check (scores > 590 preferred)
- Seattle City Light bill payment history
- Fees: A $400 one-time loan fee factored into monthly payments
- Monthly payments: Paid through Seattle City Light bill, based on total loan amount amortized over a 20-year term
- Carbon Reduction Incentive (CRI)
- Homeowners will be given a one-time payment for carbon savings over the life of energy efficiency upgrades based on the modeled carbon reductions from the pre- and post-retrofit energy audits.
- Price of $10 per ton of carbon
- Example: Upgrade from no attic insulation to R50 insulation
- Modeled at 1 ton of carbon reduced per year
- Lifespan of insulation = 40 years
- 40 years x 1 ton of carbon per year x $10 = $400
- (Note – These numbers are used just as an example and may not reflect actual CRI payments)
- Utility rebates
- Seattle City Light and Puget Sound Energy have a number of rebates that homeowners may qualify for, including:Duct seal/insulation – $250
- Ductless heat pump – $1200
- Floor insulation – $0.50 per square foot
- Heat pump water heater – $250
- Seattle City Light and Puget Sound Energy have a number of rebates that homeowners may qualify for, including:Duct seal/insulation – $250
The team at Sound Home Performance and Puget Sound Solar is very excited to be participating in Community Power Works and we are looking forward to helping homeowners improve the performance of their homes through this innovative program.
If you have any questions about the Community Power Works program or the home performance retrofits that Sound Home Performance offers please don’t hesitate to contact us: info@soundhomeperformance.com, 206-402-6926
