GE Money Home Improvement Financing Backs Homeowners' Green Remodeling Options.
Ecomagination-certified Program a Winner for Energy-Conscious Homeowners
KETTERING, Ohio -- GE Money's Sales Finance unit today announced ecomagination certification for its home improvement financing program when used in conjunction with public benefit-funded energy efficiency programs or by contractors that provide energy efficient remodeling solutions.
"Homeowners are seeking ways to make energy efficient improvements that reduce maintenance and operating costs and add value," said Bruce Christensen, vice president and general manager, Home Improvement Industry, GE Money - Sales Finance. "Our financing program makes green remodeling more affordable and streamlines the process to maximize and implement savings."
GE Money's Home Improvement division works with contractors, manufacturers, and the non-profit Electric & Gas Industries Association (EGIA), an organization committed to advancing energy efficiency and renewable energy solutions, to support the installation of eco-friendly home improvement products including: high efficiency windows, HVAC, siding, insulation, water heaters and solar products. Specifically, EGIA and GE Money have teamed together to deliver the GEOSmart branded financing program to utilities, state energy efficiency program sponsors and contractors nationwide. EGIA administers energy efficiency programs on behalf of its utility partners and provides the turn-key GEOSmart financing solution to utilities and contractors that want to leverage available public benefit incentives in a convenient and efficient loan solution.
The GEOSmart energy efficient home improvement loan can save homeowners an average of $800 over the lifetime of a $10,000 home improvement loan, as well as provide a simplified process for homeowners to obtain these loans. By leveraging GEOSmart financing, utility companies are able to maximize the productivity of their home energy efficiency programs, attract broad customer participation and increase overall energy savings and environmental benefits.
Compared to competitors' standard unsecured loans, a homeowner can save nearly $25 per month or $4,500 over the lifetime of a $10,000 loan. This means that if a large utility used the GE Money solution while reducing a percentage of its customers' energy consumption by 20 percent -- for example, if only 0.6 percent of a four million customer utility -- those customers would save over 540 million kWh over the lifetime of the 10-year loan -- reducing CO2 emissions by over 360,000 tons. That's equivalent to the CO2 absorbed by nearly 10,000 acres of a Southeastern U.S. forest over those 10 years.
