Aug
09

Chicago Real Estate Owners Get Retrofitting Help

August 09, 2012

Want to make eco-friendly improvements to your home and don’t know where to start? Some Chicago real estate owners can now get financial help and an easy plan to make their homes more energy efficient.

The City of Chicago this week launched the third phase of Retrofit Chicago; a retrofit program that will allow residential property owners in certain neighborhoods to fix up their older structures and substantially lower utility costs.

Homeowners who retrofit their homes can see an average savings of $350 a year in energy costs, while retrofitted apartment buildings can save an average of $10,000 annually. Plus, the improvement increases the property’s value as well.

Over the next two years, more than 6,700 apartments and 1,000 single-family homes in Chicago will be retrofitted, which will lead to the creation of more than 200 jobs.

Home and building owners will have access to free energy audits and free energy-efficient equipment, including highly efficient light bulbs, faucet aerators and showerheads, and more than $22 million in rebates and low-interest financing.

Residential buildings account for almost half of the city’s total energy, and the average age of residential buildings in Chicago is 83 years old. Our Chicago real estate needs this update.

Unfortunately, the pilot program is currently available in only 12 Chicago neighborhoods: Auburn Gresham, Austin, Avalon Park, Beverly, Chatham, Edgewater, Lincoln Square, Logan Square, Mount Greenwood, Rogers Park, South Shore and West Ridge.

“Building on the success of our public and commercial buildings initiatives, this phase of Retrofit Chicago will help homeowners across the city modernize their homes while at the same time creating new jobs and bringing real savings to building owners,” said Mayor Rahm Emanuel.

“Retrofit Chicago will impact communities that need the help the most and nearly 8,000 homes and apartments will soon be able to realize hundreds of dollars in annual savings.”

To learn about this program and other energy-efficiency programs available, or to request an energy assessment, call 855-9-IMPACT or visit chicagosustainability.org.

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