WASHINGTON D.C. (BNO NEWS) – A bipartisan coalition of U.S. Senate and House members introduced on Wednesday a legislation establishing a Rural Energy Savings Program which is expected to create 20,000 to 40,000 jobs a year.

The Rural Energy Savings Program will create jobs, save American families and businesses money on their electric bills, and reduce air pollution.

The bill will allow the U.S. Department of Agriculture’s Rural Utilities Service to offer low-interest loans to residential and small businesses customer energy-saving retrofit and structural improvements. The legislation will also benefit the domestic manufacturing and construction industries, as well as energy-efficiency products and installation.

The loans will be from $1,500 to $7,000. The program will cover sealing, insulation, heat pumps, HVAC systems, boilers, roofs and other improvements that produce energy savings. Citizens will save hundreds of dollars annually through the energy efficiency improvements, while repaying the loan in a ten-year window.

“This program will help the families and businesses in rural areas who can’t afford the cost of a home or building renovation by offering them low-cost loans that they can repay out of the money they will save on their energy bills,” said Oregon Senator Jeff Merkley.

“This legislation will help create jobs in rural areas hit hard during these difficult times and help families and businesses reduce their energy bills. We can kick-start our construction industry by providing new sources of financing to retrofit homes and businesses,” New Hampshire Senator Jeanne Shaheen remarked.