Oct. 21, 2014: Partnership to Provide Residential Energy Efficiency Loan Program
The Program Will Provide Nationwide Loans for Energy Efficient Home Upgrades
WESTBOROUGH, Mass. — To make it easier for homeowners to secure affordable loans for energy efficiency improvements, three complementary organizations are joining forces: Conservation Services Group (CSG), CUNA Strategic Services (CSS), and LendKey. Through the program, homeowners will be able to quickly apply for a loan using LendKey’s advanced online technology, access local capital thanks to CUNA Strategic Services’ nationwide network of 6,500 credit unions, and, ultimately, secure energy efficiency work through energy efficiency programs implemented by CSG.
Among the benefits of the new energy efficiency loan program are: Access to unsecured loans between $2,000 and $25,000, which will be processed online; loan terms of between seven to 10 years; and a consistent low rate, which can be optionally “bought down” by utilities that participate in the program as part of their statewide energy efficiency effort managed by CSG. Another benefit of the product is the promotion of jobs and stimulating the local economy by using local credit unions and employing local contractors.
“This program addresses a major unmet need nationwide for affordable loans that encourage homeowners to make much-needed energy efficiency-related improvements,” said Stephen Cowell, chairman and CEO of Conservation Services Group. “This collaboration features best technology, broad access to local financial resources, and unmatched energy efficiency expertise, and that’s a recipe for success that should provide a dramatic boost to energy efficiency programs across the country.”
“Few credit union loan programs exist for homeowners who are interested in the significant cost savings and environmental benefits of energy efficient home upgrades,” said Wes Millar, senior vice president, CUNA Strategic Services. “Our alliance providers have enabled credit unions to meet this growing need through a technology enabled loan platform and services that helps homeowners throughout the home energy efficiency upgrade process.”
“Many homeowners are aware of the significant cost benefits of upgrading their homes with energy efficient systems. However, upfront costs remain a major barrier for many consumers,” said Vince Passione, CEO and founder of LendKey. “This new program is an attractive and accessible option for homeowners to make the desired energy efficiency upgrades and start realizing significant cost savings on their monthly utility bills.”
For more information about the Conservation Services Group, visit www.csgrp.com.
For more information about CUNA Strategic Services, visit www.cunastrategicservices.com.
For more information about LendKey, visit www.lendkey.com.
Publication date: 10/20/2014