Home improvements for virtually nothing
James Halik and Jim Armstrong will receive a no-interest loan for almost $40,000 from the City of Elgin to make energy efficiency improvements on their home. Though it’s a loan rather than a grant they’re receiving, the virtual cost to the homeowners will be nothing.
Halik and Armstrong live in a large historic Douglas Avenue home — as drafty as old homes typically are. But with new storm doors and windows, more insulation, foundation caulking and a new boiler, the couple expects to save more than $6,000 a year on energy costs. For six years they will pass along their savings until the loan from the city is repaid. Halik and Armstrong join 12 other families in receiving money as part of a revolving loan fund program. They have the most expensive project and the most significant savings among those who went through the application process, which is particularly gratifying for Halik because of the type of home in which he lives.
“You can make an old home just as efficient as a new home, if you do your due diligence, without affecting the architectural integrity of the home,” he said.
Elgin officials narrowed down the applicant pool by viewing the results of an energy audit, which detailed the amount each homeowner would save with the home improvements.
Only five families will be able to completely fund the construction projects with their savings, like Halik. The rest will be responsible for at least a portion because of a 10-year cap on the loan, which is repaid through residents’ water bills.
“The city is letting the energy numbers dictate who is eligible for the program,” Halik said. “You’re getting folks that are really going to get the bang for their buck.”
Another participant is David Jurina, who will get a loan for similar improvements on his Warwick Place home. The plan is to instal storm windows on his second floor and add eight inches to the attic floor deck and spray foam insulation.
Outside of forwarded savings, Jurina will contribute almost $7,000 to the project. But even before receiving the loan, he has seen improvements just by spraying his own insulation.
“I’m starting to save already because of the work I’ve already done through the report of the energy audit,” Jurina said.
The city allocated $250,000 for the revolving loan fund out of federal stimulus money totaling more than $1 million.
Other cities have implemented similar programs but with one-time grants.
“A revolving loan allows the money to replenish itself such that many more applicants can take advantage of the program,” Community Development Director Marc Mylott said.
The city will accept applications for a second round of loans from Feb. 1-25. Interested residents should contact Jennifer Fritz-Williams at (847) 931-6004 or fritz-williams_j@cityofelgin.org to apply.