MCE and NEIF Offer Low Interest Home Battery Loans to Bay Area Residents
MCE and the National Energy Improvement Fund (NEIF) have developed a program to fund home energy storage systems for residents of the Bay Area of California. Companies offer low or zero interest loans with extended repayment periods to reduce financial barriers to technology.
“As a Certified Benefit Corporation, NEIF is delighted to launch this offering with MCE,” said Matthew Brown, Co-President and Founder of NEIF. “The offerings align perfectly with our goals of serving the full range of customers with accessible financing products, while helping to improve the resilience of homes with battery storage. “
Participants can receive discounts and loans to help reduce and offset the cost of purchasing and installing their own storage systems. MCE automates energy storage systems to reduce daily energy costs and to serve as back-up power during outages.
“Unlocking this loan fund in our community will help people access the benefits of energy storage,” said Dawn Weisz, CEO of MCE. “Providing our customers with additional financing options increases access to technology that helps keep lights on during outages. We know that access to electricity is a critical issue, and we are excited to increase energy equity in our communities with this offer.
This funding partnership offers participants of the MCE Energy Storage Program:
- 0% interest on 10 year financing for income-eligible residential customers.
- 2.5% interest on 10-year financing for other qualified residential customers located in disadvantaged or low-income communities, in areas at high risk of fire / breakdown, or who have a medical condition requiring treatment. continuous supply of electricity.
- 5.5% interest over 5 years of financing for all other residential customers.
MCE’s energy storage program was launched in July 2020 and provides monthly bill credits of $ 10 per month for every 20 kWh of storage installed, up to a maximum of $ 20 per month, as well as a initial funding of $ 1,500 to $ 4,500 depending on client qualification. As part of this program, MCE also submitted funding requests on behalf of more than 100 customers to the state’s self-production incentive program to further offset customer costs.
Since 2018, NEIF, an energy efficiency lender of Certified Benefit Corporation, has given entrepreneurs access to customized leasing and loan financing options for energy efficiency and solar projects. These clean energy upgrades include lighting, HVAC and renewable energy installations with projects ranging from less than $ 10,000 to $ 1 million.
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