Loans will be available to Maine homeowners who make conservation improvements to reduce their heating bills now that oil is fetching more than $4 per gallon, the Maine State Housing Authority said Thursday.

Under a revised Home Energy Loan Program, loans of up to $30,000 will be available for a fixed interest rate of 3.95 percent, or 4.194 annual percentage rate.

Maine Housing Director Dale McCormick said it’s estimated that a typical borrower can cut household energy costs by 15 to 20 percent.

“The program targets middle-income working families who need to reduce their energy costs and save money. While income limits apply, more than half of Maine homeowners are income eligible for HELP,” McCormick said.

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On the Net:

Maine State Housing Authority: www.mainehousing.org

AP-ES-06-05-08 1639EDT