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Residential Financing Available for Renewable InstallationsGE Money's Sales Finance unit and the
Electric & Gas Industries Association have announced a new multi-year
relationship to provide revolving and installment consumer financing of
residential solar systems through a loan program, enabling them to improve the
environment while saving money on their utility costs.
The GEOSmart solar loan program, is available nationwide only through EGIA-approved contractors. In developing GEOSmart, EGIA and GE Money consulted leading manufacturers, solar contractors and industry advocacy groups such as the California Solar Energy Industries Association (CAL SEIA) to assure the delivery of a complete and simple to use financing solution that could fund the smallest solar water heating or pool heating projects up to the largest residential solar photovoltaic (PV) installations. We believe that GEOSmart is the most comprehensive solar financing solution available today and makes investing in solar power convenient and affordable. Installing a solar system now is the right decision for most homeowners. Investing in a solar energy system will dramatically reduce your energy bill and is equivalent to prepaying for 40 years of power at a fraction of the cost you currently pay, all while having a positive impact on the environment, said Bruce Matulich, executive director of EGIA. The GEOSmart financing program offers numerous special features recommended by industry leaders. For smaller Solar Thermal or Solar PV applications, unsecured financing is now available with terms up to 20 years and project costs ranging from $2,500 - $50,000. Special 6 & 12 month No Interest/No Payment options with instant in-home approval, along with staged funding and interest rate reductions to 7.99% APR are also available. For larger residential PV installations, the GEOSmart secured financing option is typically the ideal solution, providing long-term financing that assures project affordability. With terms up to 25 years on projects ranging from $10,000 to $500,000 and low fixed rates, many times the financing solution can result in utility neutral monthly payments. With GEOSmart secured financing, customers can also take advantage of an innovative solar rebate loan payment reset option. This special feature enables customers to fully re-amortize their loan once their utility or state rebate has been processed and paid. With most solar financing programs being manufacturer specific or serving niche markets, we are extremely pleased to see that the EGIA and GE Money Sales Finance team was able to put together the first truly comprehensive national solar financing program, said Sue Kateley, executive director, CAL SEIA. The benefits of using solar power are
compelling, said Bruce Christensen, vice president
and general manager, Home Improvement industry, GE Money
Sales Finance. GE is committed to providing and
financing earth-friendly products and services, and making them affordable by
partnering with EGIA to provide competitive payment options for consumers
purchasing renewable energy products. About Electric & Gas Industries Association The Electric & Gas Industries Association (EGIA) is a non-profit
organization dedicated to advancing energy efficiency and renewable energy
solutions through a nationwide network of contractors, distributors,
manufacturers and utility companies. EGIA is a leading provider of resource
efficiency services and energy efficiency program administration for utility
companies and water agencies. EGIA also provides the home improvement industry
with comprehensive consumer energy efficiency and solar financing solutions and
has administered some of the nations largest
utility and state sponsored energy efficiency financing programs. For more
information, visit www.egia.org. About Sales Finance and GE Money Sales Finance, based in Kettering, Ohio, is part of GE Money and provides private label credit card programs, marketing, installment lending, service contracts and financial services for national and regional retailers and service providers in more than 20 industries including: home improvement, sporting goods, powersports, outdoor power equipment, automotive, recreational vehicles, consumer electronics and appliances, furniture, floor covering, marine, music, jewelry, and health care. With more than $190 billion in assets, GE Money, a unit of General Electric Company (NYSE:GE), is a leading provider of credit services to consumers, retailers and auto dealers in 54 countries around the world. GE Money, based in Stamford, Conn., offers a range of financial products, including private label credit cards, personal loans, bank cards, auto loans and leases, mortgages, corporate travel and purchasing cards, debt consolidation and home equity loans, and credit insurance. More information can be found at www.gemoney.com. GE is Imagination at Work -- a diversified technology, media and financial
services company focused on solving some of the worlds
toughest problems. With products and services ranging from aircraft engines,
power generation, water processing and security technology to medical imaging,
business and consumer financing, media content and advanced materials, GE serves
customers in more than 100 countries and employs more than 300,000 people
worldwide. For more information, visit www.ge.com.
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