Paying for energy improvements just got easier in the Green Mountain State. Customers of Vermont utility Green Mountain Power (GMP) can now repay home energy efficiency loans on their monthly electric bills, thanks to Better Buildings Residential Network member NeighborWorks of Western Vermont’s (NWWVT’s) partnership with GMP.
Marrying GMP’s billing system with NWWVT’s revolving loan fund, the on-bill service allows GMP customers to affordably finance home energy upgrades with low-interest NWWVT loans. Products include loans for as much as $15,000 with terms up to 10 years. Financing can be used for thermal and electric efficiency measures, renewable energy, and other services that advance the State of Vermont’s energy plan.
“It doesn’t get any easier. We have adequate capital, a simple loan application, and an affordable loan product that customers can now repay on their electric bill,” NWWVT Executive Director Ludy Biddle said.
GMP customers Mark and Sara Borkowski recently used the bill repayment program to finance a new heat pump hot water heater, weatherization improvements, and two air source heat pumps for heating and cooling each floor of their Rutland, Vermont, home.
“Like many Vermonters, we live in an older home and really wanted to make it more efficient, use less energy, and save money,” Mark Borkowski said. “Having the option to repay for these great improvements on our GMP bill over time made it affordable and possible to make these exciting changes to our home.”
Read more about the Borkowskis' financing success story.