Written by: Leonard Parker | Solar News | 18th October
MCE and National Energy Improvement Fund (NEIF) developed a program to finance home energy storage systems for residents in California’s Bay Area. The companies are offering 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 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.”
Participants may receive rebates and loans to help reduce and offset out-of-pocket costs to purchase and install their own storage systems. MCE automates energy storage systems to reduce daily energy costs and to 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, CEO of MCE. “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% interest over 10-year financing for income-qualified residential customers. 2.5% interest over 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% interest over 5-year financing for all other residential customers.
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 to further offset customer costs.
Since 2018, NEIF, a Certified Benefit Corporation energy efficiency lender, has given 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