MADISON, Wis., July 28, 2016 /PRNewswire-USNewswire/ -- WECC's Energy Finance Solutions (EFS) was selected to deliver loan origination services (with partner Concord Financial Services) for the city of Holland, Michigan's Holland Energy Fund. Administered by Michigan Saves, the Holland Energy Fund provides the On-bill Loan Program, which enables residents to complete energy-saving and renewable energy improvements to their home with no upfront cost.
The low-interest loans granted by the Holland Energy Fund are repaid via a monthly charge on customers' utility bills. Local residential buildings (four units or less) are eligible for energy efficiency financing.
As part of the city's comprehensive, long-range community energy plan, this initiative is just the latest effort by the City of Holland in its quest to acquire the Georgetown University Energy Prize. Holland is one of 50 semifinalists competing for the honor (which includes $5 million in prize money), which challenges communities to work with their local governments and utilities to develop and implement plans for innovative, replicable, scalable, and continual reductions in energy consumption.
The On-bill Loan Program in Holland is a financing model that could be utilized to implement a state-wide offering throughout Michigan.
About Energy Finance Solutions
Energy Finance Solutions (EFS), a service of WECC, specializes in financing program consultation, design, and delivery services in support of energy efficiency and renewable energy improvements. Through partnerships with utilities, contractors, and other agencies, EFS offers residential customers a simple, affordable way to finance energy improvements.
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SOURCE Wisconsin Energy Conservation Corporation (WECC)