Zero-Interest Home Battery Loans Offered to Bay Area Residents
MCE & NEIF Make Clean Backup Power a Practical Option
FOR IMMEDIATE RELEASE: October 18, 2021
MCE Press Contact:
Jenna Tenney, Marketing & Communications Manager
(925) 378-6747 | communications@mceCleanEnergy.org
SAN RAFAEL and CONCORD, Calif. — MCE and National Energy Improvement Fund (NEIF) have announced a new program to Bay Area residents to finance home energy storage systems. The extremely low- and zero-interest loans, coupled with generous payback periods, reduce financial barriers that could otherwise prevent widespread access to cutting-edge energy storage technology.
“As a certified Benefit Corporation, NEIF is excited to launch this offering with MCE,” said Matthew Brown, Co-Chair and Founder of NEIF. “The offerings coincide perfectly with our goals of serving the full range of customers with accessible finance products, while helping improve the resiliency of homes with battery storage.”
Since 2018, NEIF, the nation’s only Certified Benefit Corporation energy efficiency lender, has supported hundreds of contractors with 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.
MCE is providing the capital for the financing program via a $4 million loan fund. The fund is an extension of MCE’s Energy Storage Program, and in addition to MCE’s $7M Resiliency Fund. Participants may receive rebates and loans to help reduce and offset out-of-pocket costs to purchase and install their own storage systems. MCE maximizes the value of the energy storage systems by automating them to reduce daily energy costs and serve as backup power during outages.
“Releasing this loan fund into our community will help folks get access to the benefits of energy storage,” said Dawn Weisz, MCE CEO. “Providing our customers with additional financing options increases access to technology that helps keep the lights on during outages. We know access to power is a critical issue, and we’re excited to increase energy equity in our communities through this offering.”
This financing partnership offers MCE Energy Storage Program participants:
- 0%/10-year financing for income-qualified residential customers,
- 2.5%/10-year financing for other qualified residential customers located in disadvantaged or low-income communities, high fire threat/outage-prone areas, or who have a medical condition requiring a continuous supply of electricity,
- 5.5%/5-year financing for all other residential customers, and
- An easy-to-use portal through which customers can apply for financing.
MCE’s Energy Storage program launched in July 2020 and provides monthly bill credits of $10 per month for each 20 kWh of storage installed, up to a maximum of $20 per month, along with up-front funding from $1,500 to $4,500 based on customer qualification. As part of this program, MCE also submitted funding requests on behalf of over 100 customers to the state’s Self Generation Incentive Program (SGIP) to further offset customer costs.
About MCE: As California’s first Community Choice Aggregation Program, MCE is a groundbreaking, not-for-profit, public agency that has been setting the standard for energy innovation in our communities since 2010. MCE offers cleaner power at stable rates, significantly reducing energy-related greenhouse emissions and enabling millions of dollars of reinvestment in local energy programs. MCE is a load-serving entity supporting a 1,200 MW peak load. MCE provides electricity service and innovative programs to more than 540,000 customer accounts and more than one million residents and businesses in 36 member communities across four Bay Area counties: Contra Costa, Marin, Napa, and Solano. For more information about MCE, visit mceCleanEnergy.org, or follow us on Facebook, LinkedIn, Twitter and Instagram.
About NEIF: With a lending legacy from 1947, the National Energy Improvement Fund was organized in 2017 as a for-profit Benefit Corporation, operating as a full-service, multi-state licensed consumer and commercial lender. It has funded over 6,000 energy and resilience improvements like HVAC, roofing, lighting and battery storage for homes and businesses delivered through a network of over 700 qualified contractors. Led by energy financing pioneers Peter Krajsa and Matthew Brown and a team responsible for over $800 million in energy financing programs, it received its certification as a B Corporation® in 2018 and was named a U.S. Department of Energy Home Improvement Expert™ Partner in 2019.