SACRAMENTO, Calif. — Through its GEOSmart Financing Clearinghouse, the Electric & Gas Industries Association (EGIA), a national nonprofit energy efficiency and renewable energy contractor association, announced that it has exceeded $1 billion in funded loans for energy efficiency upgrades and solar projects.
Due to the buying power of its large national contractor network, EGIA said it has been able to negotiate special financing programs with many of the country’s leading financial lenders, and in turn, offer these programs to participating contractors through its GEOSmart Financing Clearinghouse.
“The objective of the GEOSmart Financing Clearinghouse is to provide contractors with a central source of financing solutions that can meet the unique needs of all of their individual customers,” said Bruce Matulich, chief executive officer of EGIA. “We know it can be confusing for contractors to weave their way through all the financing solutions available in the marketplace and costly for them to pick the wrong one. That’s why we decided to do the research, vet the leading finance service offerings, and secure the best financing solutions for EGIA member companies so they can have peace-of-mind in knowing they are offering their customers the premier financing solutions currently available in the marketplace.”
EGIA said recent financing partnerships with leading product manufacturers, such as Goodman, Amana, and Daikin, and premier HVAC distributors and solar organizations, have significantly accelerated the use of GEOSmart financing solutions nationwide.
“EGIA does a great job in helping train and educate our distributors and dealers on the benefits and mechanics of utilizing financing to help close HVAC jobs at a higher rate, to increase their average ticket, get paid faster, and ultimately, to become a more profitable contracting business. We very much look forward to continuing our partnership with EGIA in 2014 and in the years to come,” said David Mastrangelo, director of dealer marketing at Goodman Manufacturing and Daikin North America LLC.
EGIA credits the feedback it has received from contractor focus groups, and ongoing surveys of its contractor network, in helping them work with their lending partners to create financing programs that more effectively meet the needs of contractors and their customers.
EGIA’s position as one of the nation’s leading back-office administrators of energy and water efficiency rebate programs for electric, gas, and water utilities also provides EGIA contractors and partner organizations with opportunities to leverage EGIA’s internal rebate processing capabilities to offer contractor cash-back rebate promotions that are tied to financing.
“Our unique position as one of the nation’s largest contractor associations, a leading administrator for utility and government resource efficiency programs, and an organization with deep relationships with many of the largest product manufacturers and distributors, allows us to bring everyone to the table and create programs that better meet the needs of all the parties involved,” said Matulich. “That’s what we have been able to accomplish with the EGIA GEOSmart Financing Clearinghouse and why our program has surpassed $1 billion in funded energy efficiency upgrades, solar PV, and solar water heating loans.”
For more information, visit www.egia.org.
Publication date: 3/10/2014