INDIAN RIVER COUNTY — A non-profit organization that provides energy-use audits and low-interest loans for energy-efficiency home improvements in St. Lucie County today received support from the Board of County Commissioners to expand its operations into Indian River County.
The Board expressed unanimous enthusiasm for the program offered by SELF, the Solar and Energy Loan Fund, and directed staff to prepare a non-binding letter of support for the organization’s Indian River County initiative.
SELF Executive Director Doug Coward said the 501-C (3) group provides energy audits to find out how homeowners can save on their electric bill and then offers loans at 5-to-9 percent interest for improvements such as window weather-stripping, attic insulation and solar panels.
“Our clients save an average of 24 percent on their energy costs,” Coward told the board. He said the loans, which are offered from a pool of Department of Energy grant money, are important because many people who want to improve their homes by making them more comfortable and energy efficient lack capital to fund the upgrades or have to use high-interest credit card loans.
Launched with a $300,000 grant from The Florida Opportunity Fund’s Clean Energy Investment Program, SELF is a two-year-old program that received its non-profit certification in March. It has audited 761 structures for energy use so far and made 142 loans totaling $1.23 million, according to Coward. The average loan size is $8,663.
Loaned money can be spent on an array of 24 products and devices, ranging from new energy-efficient air conditioners and hot water heaters to solar roof panels and new windows.
Homeowners decide which products they want to invest in and select contractors to do the work from a group of 54 certified contractors.
Coward said SELF signs up local contractors to participate in the program and that some contractors have seen their businesses grow as a result.
“There is a very high demand for these programs,” he said.
SELF offers similar services for commercial clients and Coward cited the owner of 20-acre strip mall to illustrate benefits to business owners.
The property owner installed LED lights at a cost of $68,000 to illuminate his shopping center, which has to be lit up all night. According to Coward, the client will recoup his investment in a little over three years and save more than $150,000 over the warrantee life of the lighting products.
SELF plans to expand throughout the five-county Treasure Coast region. Coward said he already has letters of support from St. Lucie County and the cities of Fellsmere, Sebastian and Stuart.
