Save energy and dollars with LPEA’s On-bill Financing Program
Investing in energy efficiency measures in your home or office can save energy, and thus lower your utility bills. It’s a win-win.
To help you invest in energy efficiency projects, La Plata Electric Association, Inc. (LPEA), in partnership with 1st Southwest Bank, offers an On-bill Financing Program. Apply for a low-interest loan to finance your energy efficiency projects. Repay that loan monthly over time on your LPEA electric bill.
Q: What projects are eligible for financing?
A: The On-bill Financing covers labor and materials for projects such as caulking/weather-stripping, insulation, LED lighting, storm or thermal windows and doors, insulating window coverings, water heaters, heat pump systems or other heating or cooling systems that reduce energy consumption – and more.
(New home construction and distributed generation projects (i.e. solar panels) are not eligible for this program.)
Q: How much can I apply for with On-bill Financing and what are the terms of the loan?
A: LPEA customers-in-good-standing can apply for loans up to $7,500. With an established LPEA credit rating, customers could receive a 3.95% annual percentage rate [APR) and can pay the loan back monthly over time on the LPEA electric bill [term to be determined].
Q: Can I hire an outside handyman or contractor to do the work under this program?
A: Yes. The financing includes purchase of the materials (such as caulking/weather stripping or LED flood lights) and will cover the cost of the labor to do the installation for you.
Q: What’s the catch?
A: Nothing that we can see. Investing in energy efficiency measures pays on-going dividends with lower electric (and other utility) bills. The low-interest loans and on-bill financing help LPEA members/customers finance these projects over time, while you begin to reap the energy-saving benefits as soon as the efficiency measures are complete.
Q: How do I apply for the On-bill Financing?
A: Download the application below, and don't hesitate to call us with questions. Applicants must be in-good-standing and have an established credit rating with LPEA.
For additional LPEA On-bill Financing Program information call (970) 247-5786.