Southeastern Pa. Gets $25M Federal Grant For Energy Improvements

PHILADELPHIA (CBS) -- A new program is available to help home and business owners save money in Philadelphia, Bucks, Chester, Delaware, and Montgomery counties.

Philadelphia deputy mayor for economic development Alan Greenberger says he hopes folks across the region take advantage of the $25-million federal grant that will fund the "Energyworks" loans at below-market rates to help them pay for energy upgrades:

"There are studies that show a good 30 percent of the money and the energy we use in buildings goes to waste."

Residential loan rates are as low as 0.99%, and commercial loans are at 3.5%.

Homeowners, for example, can get $300 rebates for a home energy analysis, which typically runs $400 or more, and building analysts can help businesses and nonprofits create a cost-efficient plan to reduce energy use.

Mayor Nutter called Energyworks a hat trick: "good for the environment, good for business, and good for jobs."

Developer David Adelman (at lectern in top photo), who is about to build a $50-million, 136-room extended stay Homewood Suites hotel in University City, was first on board for the commercial loan:

"We think if we spend the money up front, it'll reduce operating costs going forward."

Phillies' relief pitcher Ryan Madson (right) also pitched in, with his wife, Sarah.  They are retrofitting their 60+ year old home:

"We want to set a good example for our kids and have them grow up in a clean society."

More information is available at energyworksnow.com.

Reported by Steve Tawa, KYW Newsradio 1060.