Energy-Efficient Home Improvement Loans
The Energy-Efficient Home Improvement suite of revolving and installment loan products enable U.S. consumers to finance energy-efficient products for their home.
Environmental Benefit
GE Money 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 home improvement products including: high efficiency windows, HVAC, siding, insulation, water heaters and solar products. These improvements help lessen a home's environmental impact.
Operating Benefit
The availability of financing and a quick loan approval process can serve as the tipping point for homeowners to decide to purchase comprehensive home energy improvements, according to Home Performance with Energy Star, a national program from the U.S. Environmental Protection Agency and the U.S. Department of Energy.
The environmental challenge
Many homeowners are choosing to renovate instead of relocate, and are seeking ways to make energy efficient improvements that reduce maintenance and operating costs and add value. GE sought to develop a solution that made remodeling more affordable and streamlined the process for homeowners to maximize and implement savings.
GE’s innovative solution
GE Money Energy Efficient Home Loan Products facilitate energy-efficient improvements by approving over 45 percent for EGIA utility loans than the top competitor. At these approval rates, GE Money Energy Efficient Home Loan Products could qualify over 12,000 additional loans per year compared to previous loan programs financed by competitors.
Environmental impact
If an average household uses GE Money Energy Efficient Home Loan Products to finance $10,000 worth of energy efficient home improvements, over the lifetime of the loan that household will save over 25,000 kWh in electricity, equivalent to the amount used by two industry-accepted average homes in a year. The electricity reduction would reduce emissions by 18 tons of CO2 which is equivalent to removing three cars off of U.S. roads for a year.
Cutting costs
GE Money Energy Efficient Home Loan Products will save homeowners an average of nearly $800 over the lifetime of a $10,000 home improvement loan compared to the top competitor's utility buy-down program and will also offer unsecured flat rates, which simplifies the buy-down process for both utilities and homeowners. Compared to competitors' unsecured loans without buydowns, a homeowner can save nearly $25 per month and $4,500 over the lifetime of the $10,000 loan.
