Joule Assets, HSB Offer Performance Insurance for Small, Midsized Energy Efficiency Projects
Provides capital for an underserved market
BEDFORD HILLS, N.Y. — Joule Assets Inc., a provider of financing solutions for the energy efficiency and demand management industries, has announced an energy efficiency performance insurance offering with Hartford Steam Boiler (HSB), a leader in equipment insurance and part of Munich Re. The companies said the performance insurance product provides scalable energy savings insurance solutions for Joule contractors by underwriting at the portfolio level.
Joule Assets said it has sought to bring financing products to the large and untapped market for efficiency upgrades in small and medium enterprises (SMEs), and this insurance offering represents a significant step in that regard. Joule’s contractors will now be able to offer their customers no upfront cost solutions backed by performance insurance. For investors in Joule’s ERA Fund, insurance on energy performance cash flows provides a path to securitization for Joule’s portfolio with corresponding benefits of increased velocity of capital, reduced portfolio risk, and amplified portfolio returns.