Customers of Green Mountain Power (GMP) can now choose to repay home energy efficiency loans on their monthly GMP electric bill, thanks to a partnership with NeighborWorks of Western Vermont.
“We are so pleased to partner with NeighborWorks to make it possible for customers to make energy improvements to their homes with this unique partnership,” said Mary Powell, President and CEO of GMP. “Helping customers make their homes more efficient with renewable and alternative energy technology is an important step forward as part of our mission to provide a reliable, clean and cost-effective energy future.”
The on-bill service allows GMP customers to make energy improvements to their homes with the help of an affordable loan from NeighborWorks and make their monthly payments when they pay their GMP bill. The program is available to all GMP customers in Vermont.
“It doesn’t get any easier,” said Ludy Biddle, NeighborWorks executive director. “We have adequate capital, a simple loan application and an affordable loan product that customers can now repay on their electric bill.”
Loans may be for thermal and electric efficiency measures, renewable energy and other services that advance the Vermont energy plan. Mark & Sara Borkowski recently used the GMP and Neighborworks bill repayment program to pay for two air source heat pumps for heating and cooling each floor of their Rutland home, a new heat pump hot water heater, and weatherization improvements.
“Like many Vermonters, we live in an older home and we really wanted to make our home more efficient, use less energy and save money,” said Mark Borkowski. “Having the option to re-pay for these great improvements on our GMP bill over time made it affordable and possible to make these exciting changes to our home.”
Any GMP customer who owns a home or apartment building, up to four units, may participate. Loans are up to $15,000, with up to 10 years to pay back. Monthly payments on a ten-year loan of $15,000 are approximately $161/month, with an interest rate of 5.25% and APR of 5.618% and application fee of $250.To get started, GMP customers anywhere in Vermont may call NeighborWorks. NeighborWorks can also help connect customers with qualified contractors operating within Efficiency Vermont’s Home Performance with ENERGY STAR program for energy audits and access to Efficiency Vermont’s incentive program.
To apply for a low interest loan or connect with NeighborWorks H.E.A.T. Squad toll-free, visit www.nwwvt.org or call 1-877-205-1147 x 227.