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Politics & Government

Ballwin, County Co-op Targets Cheaper, Greener Energy

The loan program, called St. Louis County SAVES, aims to reduce homeowners' energy consumption and energy costs.

For residents looking to make their homes more energy efficient, help is here. A new low-interest loan program aiming to make homes more energy efficient is now available for Ballwin residents.

The program, called St. Louis County SAVES, offers loans from $2,500 to $15,000 and covers energy-efficient improvements such as replacing heating, ventilating, air conditioning, water heaters, and air sealing.

For this program, St. Louis County teamed up with a division of Missouri Botanical Garden and Abundant Power Solutions to offer $10.4 million to single-family and owner-occupied residences for the rennovations.

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Anne Klein, director of energy sustainability for St. Louis County, said the city of Ballwin was one of the first to enter into the agreement with St. Louis County on May 9. So far, almost 20 other municipalities in the county have entered into the agreement.

Klein said demand for the loan has been heavy since the program officially launched on May 24.

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“It’s really designed to give homeowners access to that upfront money to make improvements to their home,” Klein said. “Certainly there’s been a lot of interest. There’s nothing really out there like this right now.”

The interest rate for the program is fixed at 3.5  percent for an unsecured personal loan and annual percentage rate will vary based on the loan fee and term. To be eligible for this loan, a homeowner’s credit score must be at or above 660 and debt-to-income ratio must be less than 45 percent. The loan term has a flexibility of up to 10 years.

Klein said the interest rate of 3.5 percent is low, in part is because St. Louis County’s strong triple-A bond rating. Klein said the loan is provided by bond money from the county.

Another outcome of the program, Klein added, is the economic benefit that will come of the $10.4 million put forth toward jobs in the St. Louis area.

Bob Waters, a real estate agent for Coldwell Banker Gundaker’s Ballwin-Chesterfield office, said he thinks the St. Louis County SAVES program is something Ballwin residents will take strong interest in.

“In terms of homes in Ballwin, there does seem to be a movement toward energy efficiency,” Waters, who lives in the Clarkson Valley area, said. “I would absolutely tell my clients about the fact that this (program) exists.”

Waters said energy costs certainly are a factor for homebuyers, as people shopping for homes often ask him what monthly costs are for electric and gas. He said a program such as this aimed at reducing those costs would be “wonderful” for Ballwin.

“You know, Ballwin continues to age,” Waters said. “Some people have been there for a very long time. Those homes are in desperate need of new windows, insulation, heating and AC systems.”

Readers interested in more information about the loans can find estimates, applications and more on the program’s site

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