Assemblywoman Donna Lupardo (D-Endwell) announced today that Governor David Paterson recently signed legislation (Chapter 344 of 2009) she introduced at the request of the City of Binghamton to create the Binghamton Energy Efficiency (Be2) Loan Program. The new innovative program will support residential energy-efficient retrofits through a revolving loan fund. Senator Thomas Libous (R-Binghamton) sponsored the legislation in the state Senate.

“I applaud Mayor Ryan’s efforts to find ways to foster the green economy in the City of Binghamton,” said Assemblywoman Lupardo. “The Be2 loan program will help lower energy costs, as well as make energy audits and energy efficiency improvements more affordable for property owners. This is a very creative use of the stimulus funds.”

“Assemblywoman Donna Lupardo has always been a strong proponent of capitalizing on the green economy to create jobs, rebuild our local economy, and restore the environment," said City of Binghamton Mayor Matthew Ryan. "We both know that in order to be successful tomorrow, we need to be implementing today a bold vision of change and innovation. Once again, and this time with the Assemblywoman's strong support and assistance, Binghamton is ahead of the curve, showing the same kind of leadership in energy efficiency and conservation that has earned us statewide and national distinction in other areas of governance.”

The Be2 Loan Program will cover the up-front costs of an energy audit and cost-effective retrofits at owner-occupied homes. The property owner will then pay back the costs of the improvements over several years through a benefit assessment that will be placed on the property and added to the tax bill. This system allows the responsibility for repayment to be automatically transferred to a new owner should the original owner sell their home. The annual payment will be based on anticipated reduction in utility costs, still providing the homeowner with savings while also achieving greener homes.

The City plans to allocate $160,000 of the $204,200 it received in Energy Efficiency Community Block Grants funding for the first year of the Be2 Loan Program. An additional $40,000 in Community Development Block Grant funds are being set aside for the loan program as well. The City plans to have the program running by February 2, 2010. Residents can contact Amelia LoDolce, Sustainable Development Planner at the City’s Department of Planning, Housing and Community Development, at 607-772-7028 for additional information.