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‘Greenworks’ Program Offers Low-Interest Loans For Upgrades

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PHILADELPHIA (CBS) - A new “Energyworks” program is available to help home and business owners save money in Philadelphia and its immediate suburbs. The region is taking advantage of a $25-million federal grant.

Deputy mayor for economic development Alan Greenberger hopes folks take advantage of Energyworks’ below market, low-interest loans to help them pay for 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 .99-percent and commercial loans are at 3.5-percent.

Developer David Adelman, who is about to build a $50-million, 136-room Extended Stay “Homewood Suites” hotel in University City, is first on board for the commercial loan:

“We think if we spend the money up front, it’ll reduce operating costs going forward.”

Phillies reliever Ryan Madson also pitched in, with his wife, Sarah. They’re retrofitting their more than 60-year old home:

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

More info is available at http://www.energyworksnow.com.

Reported by Steve Tawa, KYW Newsradio