It is an opportunity for utility customers to install new energy-efficient equipment with ZERO upfront costs. None at all! The program is simple. The utility will finance your entire project, and then add the finance charge to your electric or gas bill. Most utilities charge a low-interest rate and can run the loan over a 60-month period or longer.
But why do this? Great question. Customers actually see a positive cash flow after the upgrade is completed. Their utility bill actually goes down! How? Because of the electric/gas savings! For example, let’s say a customer installs new LED lighting and they use this On-Bill Financing program. The utility pays for the project and adds a $125/month charge for the project they completed. However, the customer is now saving $175/month on their electric bill because of the new LED lighting. They effectively lowered their monthly bill by $50. After the term of the loan, your electric bill will go down even further!
Lastly, most utilities that offer this program also allow rebates to be obtained which drive the cost down even further! Since the pandemic began, more customers have been utilizing this method to keep their energy efficiency projects moving forward. Our company will help with the rebate portion while the customer gets set up with financing from the utility.
If you would like additional information on this opportunity or would like to see a list of utilities offering on-bill financing, please feel free to reach out, we’d be happy to help. Call us at 920-615-1838 or send us a message on the contact page.