The City of Duluth Energy Loan program has fund to lend at 4.9% for a term of ten years. The funds can be borrowed for energy improvements to properties within the city limits of Duluth and are customers of Duluth Public Works & Utilities.
An Energy Check-up must document that the proposed improvements will have an energy savings pay back of twenty years or less. In addition to the payback requirement, you must have adequate equity in the property to be improved to warrant the place of a second mortgage/lien on the home.
Two written bids from contractors of your choice must be submitted for each proposed project. If you intend to do the work yourself, you must provide two written bids for materials from suppliers.
The loan will be a lien on your property. You will be required to sign a mortgage. If you are buying your property on a contract for deed, the deed holder will be required to sign a form agreeing to the lien for the improvements to the property.
The maximum loan amount is $15,000 for an owner occupied house or $5,000 per rental unit for non-owner occupied or multi-unit properties.
**You are required to have loan payments deducted from a valid checking account.