NEW HOME IMPROVEMENT FINANCING THROUGH ELECTRIC BILL
November 02, 2016
Holland Energy Fund (HEF), a nonprofit corporation supporting the City of Holland’s Community Energy Plan, is launching a new program. The Holland On-Bill Loan Program (OBLP) launched yesterday, October 31, and offers simple home improvement financing for energy-saving upgrades to City of Holland homeowners repaid through their electric bill.
The OBLP gives City of Holland homeowners an easy, cost-effective way to save money through energy-efficient home improvements, with financial support from Holland Energy Fund.
“Holland Energy Fund is helping property owners by lowering the costs for the improvements and providing a financing option that can make the dream a reality,” said Tim Vagle, HEF President. Eligible City of Holland homeowners will have 12 months on-time Holland Board of Public Works bill payment history. There are no credit score or debt-to-income ratio requirements, and the loan will not appear on the homeowner’s credit report.
The program offers City of Holland homeowners loans, ranging from $5,000 - $30,000, that can be repaid directly through their Holland Board of Public Works electric bill. The loan terms are five to 15 years with fixed interest rates starting at 4.99 percent. A $3M credit line was approved by both Holland Board of Public Works and the City of Holland to support the program.
The Holland On-Bill Loan Program is one of two Holland Energy Fund programs. The non-profit also launched the Holland Home Energy Retrofit Program (HER) in August. The HER program offers a 20 percent rebate on qualifying energy-saving, home improvements exceeding $10,000 and can be used in conjunction with OBLP.
Eligible home improvements for both programs are listed in the Michigan Energy Measures Database (MEMD), and cover energy efficient enhancements ranging from insulation and appliances to windows and solar panels.
About Holland Energy Fund
Holland Energy Fund is a nonprofit corporation that supports the City of Holland’s long-range Community Energy Plan. Its goal is for the Holland community to become a world-class leader in energy security, affordability, sustainability and efficiency. Holland Energy Fund facilitates two programs in partnership with the City of Holland, Holland Board of Public Works, and Michigan Saves. More information can be found at HollandEnergyFund.com
The OBLP gives City of Holland homeowners an easy, cost-effective way to save money through energy-efficient home improvements, with financial support from Holland Energy Fund.
“Holland Energy Fund is helping property owners by lowering the costs for the improvements and providing a financing option that can make the dream a reality,” said Tim Vagle, HEF President. Eligible City of Holland homeowners will have 12 months on-time Holland Board of Public Works bill payment history. There are no credit score or debt-to-income ratio requirements, and the loan will not appear on the homeowner’s credit report.
The program offers City of Holland homeowners loans, ranging from $5,000 - $30,000, that can be repaid directly through their Holland Board of Public Works electric bill. The loan terms are five to 15 years with fixed interest rates starting at 4.99 percent. A $3M credit line was approved by both Holland Board of Public Works and the City of Holland to support the program.
The Holland On-Bill Loan Program is one of two Holland Energy Fund programs. The non-profit also launched the Holland Home Energy Retrofit Program (HER) in August. The HER program offers a 20 percent rebate on qualifying energy-saving, home improvements exceeding $10,000 and can be used in conjunction with OBLP.
Eligible home improvements for both programs are listed in the Michigan Energy Measures Database (MEMD), and cover energy efficient enhancements ranging from insulation and appliances to windows and solar panels.
About Holland Energy Fund
Holland Energy Fund is a nonprofit corporation that supports the City of Holland’s long-range Community Energy Plan. Its goal is for the Holland community to become a world-class leader in energy security, affordability, sustainability and efficiency. Holland Energy Fund facilitates two programs in partnership with the City of Holland, Holland Board of Public Works, and Michigan Saves. More information can be found at HollandEnergyFund.com
Contact:
Anne Saliers, Community Energy Services Manager
asaliers@hollandbpw.com, (616) 355-1658
