MCE, NEIF offer low-interest loans on home batteries for Bay Area residents
MCE and National Energy Improvement Fund (NEIF) has developed a program to finance residential energy storage systems in the Bay Area of California. The companies offer low and zero interest loans with extended payback periods to reduce financial barriers to the technology.
“As a Certified Benefit Corporation, NEIF is excited to launch this offering together with MCE,” said Matthew Brown, Co-Chairman and Founder of NEIF. “The offering aligns perfectly with our goals of serving the full range of customers with accessible financial products, while helping to improve the resilience of battery-storage homes.”
Participants can receive discounts and loans to reduce and offset the out-of-pocket costs of purchasing and installing their own storage systems. MCE automates energy storage systems to reduce daily energy costs and act as backup power during power outages.
“By releasing this loan fund into our community, people can access the benefits of energy storage,” said Dawn Weisz, CEO of MCE. “By providing our customers with additional financing options, we gain greater access to technology that keeps lights on during power outages. We know that access to power is a critical issue, and we are excited to increase energy equality in our communities through this offering.”
This funding partnership provides participants in the MCE Energy Storage Program:
- 0% interest on 10-year financing for income-qualified residential customers.
- 2.5% interest on 10-year financing for other qualified residential customers in underserved or low-income communities, areas with a high fire threat/failure or who have a medical condition that requires a continuous supply of electricity.
- 5.5% interest on 5-year financing for all other residential customers.
Launched in July 2020, MCE’s Energy Storage program offers monthly bill credits of $10 per month for every 20 kWh of storage installed, up to a maximum of $20 per month, along with upfront financing from $1,500 to $4,500 based on customer qualification. As part of this program, MCE also submitted funding requests on behalf of more than 100 customers to the state’s Self Generation Incentive Program to further offset the customer’s costs.
Since 2018, NEIF, an energy efficiency borrower from Certified Benefit Corporation, has been giving contractors access to customized lease and loan financing options for energy efficiency and solar projects. These clean energy improvements include lighting, HVAC and renewable energy installations with project sizes ranging from less than $10,000 to $1 million.
News item from MCE