MADISON, Wis. (10/1/2014)--CUNA Strategic Services announced a new program with its strategic alliance provider LendKey and Conservation Services Group (CSG) to offer homeowners affordable loans for energy-efficient home improvements that ultimately reduce their utility bills.
"Few credit union loan programs exist for homeowners who are interested in the significant cost savings and environmental benefits of energy efficient home upgrades," said Wes Millar, senior vice president, CUNA Strategic Services. "Our alliance providers have enabled credit unions to meet this growing need through a technology-enabled loan platform and services that help homeowners through the home energy efficiency upgrade process."
The new program allows homeowners to instantly apply for a loan using LendKey's technology and access local capital through CUNA Strategic Services' nationwide network of 6,500 credit unions. CSG will then implement programs for homeowners.
Residential energy efficiency upgrades is an approximately $40 billion per year industry, yet many homeowners remain unaware of available financing incentives. Most upgrades are for heating, ventilation and air conditioning (an $18 billion industry alone), which many local utility companies underwrite through incentive programs. Other upgrades include roofing ($12.5 billion), windows and doors ($9 billion), and home performance or solar ($2.9 billion).
"Many homeowners are aware of the significant cost benefits of upgrading their homes with energy efficient systems. However, upfront costs remain a major barrier for many consumers," said Vince Passione, LendKey founder/CEO. "This new program is an attractive and accessible option for homeowners to make the desired energy efficiency upgrades and start realizing significant cost savings on their monthly utility bills."
The alliance of CUNA Strategic Services, LendKey and CSG offers homeowners benefits such as: