Wyoming Energy Savers (WES)
What is it?
Many Wyoming homes are not “energy-efficient,” and as energy prices soar, so do heating costs for Wyoming families. Many cannot afford these increases. WCDA has created a program to help remedy this situation bringing down the monthly cost for heat and electricity this year and in future years. The Wyoming Energy Savers Program (WES) is a loan program developed by WCDA to address the need for essential, cost effective energy efficiency home improvements on existing residential single family homes. The following improvements are acceptable under this loan program:
- Health and Safety repairs must be submitted in detail to WCDA. WCDA’s Construction Management Department will inspect prior to determine eligibility of repairs.
- New Energy Star rated furnace / heating system and any repairs that are necessary to complete these improvements according to the International Residential Code (2006).
- Insulation, caulking, weather stripping
- Programmable thermostats
- Exterior storm windows, exterior doors (including storm doors and patio doors).
- New exterior windows are not allowed for cosmetic purposes. Exterior windows may be allowed in circumstances where the existing windows are extremely inefficient. WCDA will only allow exterior window replacement with approval from a WCDA inspector. If allowed, the replacement windows must be Energy Star qualified for the Northern Climate Zone.
- Hot Water Heater (must be Energy Star rated), blanket, and/or pipe wrapping (tankless Hot Water Heaters are not allowed)
- Energy saving, noise reducing, blackout curtains
- An Energy Audit not to exceed $450 is an acceptable cost.
- Radon inspection and mitigation is also eligible under this loan program.
How much funding is available?
WCDA has made $2,000,000 available for this program.
Who is eligible?
Wyoming homeowners meeting the program income limits. There are no loan to value requirements nor credit requirements. However, the borrower must be current on their monthly mortgage payment, real estate taxes, and homeowners insurance. The application process is streamlined and should take only a few moments. The WES loan may not be in lower than a second lien position unless it is behind a WCDA first mortgage and WCDA second down payment loan.
What is the minimum and maximum loan amount?
The maximum rehabilitation loan for energy efficiency improvements will be limited to $15,000. The minimum loan will be limited to $1,000. The borrower will be required to sign a Promissory Note and a Mortgage.
What are the terms of the loan?
Two loan types are available under WES: amortized and deferred, depending on your Total Annual Family Income. The interest rate on the deferred loan is 3% per annum due and payable upon transfer or sale of the property or at the time the home ceases to be the borrower’s principal residence during the first 30 years. The interest rate on the amortized loan is 4% per annum for a term of 1 to 180 months.
Does the borrower have to live in the house?
Yes, the home must be the principal residence of the borrower (s).
What are the income limits?
Total Annual Family Income cannot exceed 80% of HUD’s median income by family size and county. Homeowners with incomes above 80% will not be eligible for this loan program. Homeowners with incomes between 51% and 80% of HUD’s area median income by family size will be eligible for an amortized loan only. Homeowners with incomes at or below 50% of HUD’s area median income by family size will be eligible to obtain either a deferred loan or an amortized loan.
The 80% income Limits are as follows:
The Total Annual Family Income for a deferred loan cannot exceed 50% of HUD’s median income by family size and County. Homeowners having incomes below the limits listed below may choose either an Amortized Loan or a Deferred Loan.
The 50% Income Limits are as follows:
Who should I contact for more information?
No maximum debt to income ratios.
Download the WES program description.