Green Mountain Power customers can now choose to repay home energy efficiency loans on their monthly GMP electric bill, thanks to a partnership with NeighborWorks of Western Vermont. This partnership leverages GMP’s billing system with nonprofit NeighborWorks’ revolving loan fund. The on-bill service allows GMP customers to make energy improvements to their homes with the help of a loan from NeighborWorks and make their monthly payments when they pay their GMP bill. The program is available to all GMP customers.
“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 Chief Executive Officer of Green Mountain Power. “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.”
“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 energy plan of the State of Vermont. Mark & Sara Borkowski, owners of GMP’s Energy Homes of the Future, 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.”
Customers interested in making energy improvements to their home can use NeighborWorks H.E.A.T. Squad services for energy audits, un-biased advice, affordable financing, and project management.
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 to perform a comprehensive energy audit, and provide access to Efficiency Vermont’s incentive program. Connect with NeighborWorks H.E.A.T. Squad toll-free 1-877-205-1147 x 227 or firstname.lastname@example.org
About NeighborWorks of Western Vermont
NeighborWorks® of Western Vermont (NWWVT) is a nonprofit organization with nearly 30 years of experience supporting all aspects of homeownership for people of any income level in Addison, Bennington and Rutland counties. Our mission is to strengthen a regional economy by promoting safe, efficient and affordable housing through education, technical assistance and financial services. We also collaborate with communities, organizations and agencies to support community development and neighborhood revitalization. Our HomeOwnership Center provides homebuyer education, budget and credit coaching, foreclosure counseling and intervention, and reverse mortgage counseling. Our lending services include loans to address health and safety upgrades and down payment and closing cost assistance for home purchase (some products are income and credit restricted). Our construction specialists and energy advisors can offer project management, expertise and guidance to our home rehabilitation and energy efficiency loan customers. The NeighborWorks® H.E.A.T. Squad, a partnership between NWWVT and the Windham & Windsor Housing Trust, supports home energy efficiency with scheduling, expert advice, affordable financing and energy advising in Addison, Bennington, Rutland, Windham and Windsor counties. www.nwwvt.org. Rutland West Neighborhood Housing Services, Inc., d/b/a NeighborWorks of Western Vermont NMLS #194008 Licensed Lender VT#6200