Investing in energy efficiency measures in your home or office can save energy, and thus lower your utility bills. It’s a win-win.
To help you invest in energy efficiency projects, LPEA, in partnership with 1st Southwest Bank, offers an On-bill Financing Program. Apply for a low-interest loan to finance your energy efficiency projects. Repay that loan monthly over time on your LPEA electric bill.
What projects are eligible for financing?
The On-bill Financing covers labor and materials for projects such as caulking/weather-stripping, insulation, LED lighting, storm or thermal windows and doors, insulating window coverings, water heaters, heat pump systems or other heating or cooling systems that reduce energy consumption – and more.
(New home construction and distributed generation projects (i.e. solar panels) are not eligible for this program.)
How much can I apply for with On-bill Financing and what are the terms of the loan?
LPEA customers-in-good-standing can apply for loans up to $7,500. With an established LPEA credit rating, customers could receive a 3.95% annual percentage rate [APR), and can pay the loan back monthly over time on the LPEA electric bill [term to be determined].
Can I hire an outside handyman or contractor to do the work under this program?
Yes. The financing includes purchase of the materials (such as caulking/weather stripping or LED flood lights), and will cover the cost of the labor to do the installation for you.
What’s the catch?
Nothing that we can see. Investing in energy efficiency measures pays on-going dividends with lower electric (and other utility) bills. The low-interest loans and on-bill financing help LPEA members/customers finance these projects over time, while you begin to reap the energy-saving benefits as soon as the efficiency measures are complete.
How do I apply for the On-bill Financing?
Download the application here, and don't hesitate to call us with questions. Applicants must be in-good-standing and have an established credit rating with LPEA.