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Energy loan program approved in City of Lockport

The Lockport Common Council last week approved a program that will allow property owners to take out loans for energy efficiency projects and repay them through their property tax bills.

State funds for the loans will be provided to a newly created city agency, the Energy Improvement Corp., which will decide which loan applications to approve and set the terms and  interest rates. Applicants must be current on their taxes and mortgages.

Funding for renewable energy projects, including solar, wind, geothermal or anaerobic digestion, will depend on a feasibility study to be carried out by a state-approved contractor. Other measures to reduce energy use, such as insulation or window and door replacement, must be ruled cost-effective according to state criteria.

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