The Warehouse for Energy Efficiency Loans is a self-sustaining lending platform for home energy financing. WHEEL helps states leverage funds from public and private investors to increase the number of low-interest loans available to homeowners through the ReHome Loan Program for energy efficiency upgrades.
The low interest rates offered by the program create an incentive for homeowners to make the most energy-efficient choices, says Colin Bishopp, who oversees WHEEL, and the customer’s monthly payments more closely resemble amount of money saved on their utility bill. WHEEL is currently operating in Pennsylvania and Kentucky, and will soon launch in Virginia, Florida and Indiana. Visit: renewfinancial.com/financing-solutions/rehome
A grassroots effort to make solar panels more affordable for homeowners has taken off in the Southeast. Through the Solarize model, homeowners interested in installing rooftop solar can join together to apply for discounts, free energy audits and solar panel assessments.
Using this model, a solar cooperative in West Virginia installed seven new systems last fall, adding about 36 kilowatts of solar power to Fayetteville, W.Va. Now, two solar cooperatives in Wheeling and Morgantown are accepting applications, while cooperatives in Fayette and Monroe County filled their membership, with 30 and more than 80 members signed up, respectively. Sixteen Solarize programs in North Carolina and eight in Virginia have run or are currently running, while three programs in South Carolina are receiving applications.
Financing programs are helping homeowners invest in upgrades that make residences more comfortable while lowering electric bills and reducing a home’s carbon footprint. Read more here.
Leasing solar panels provides rural electric cooperatives with a way to incorporate solar into their energy portfolio, and for homeowners to invest in solar, with lessened costs to both. The cooperative builds a solar farm and offers a lease on a panel or half-panel to members. Those members receive credit on their utility bill for the energy generated by their leased panel.
Duck River Electric Membership Cooperative in southern Tennessee funded a 26-kilowatt solar farm in 2012 and members have already become partial owners of 87 of its 108 panels. Once the rest are sold, the cooperative plans to double the solar farm’s capacity, says Steve Odell of Duck River EMC. In April, the Appalachian Regional Commission granted BARC Electric Cooperative in rural Virginia $500,000 to build a 250 to 350-kilowatt solar farm and a community learning center that will offer leasing options. Electric cooperatives in Kentucky, Virginia, Tennessee and North Carolina are using this model as well.
The town of Benham launched an on-bill energy efficiency financing program in April. Benham$aves, modeled after Mountain Association for Economic Development’s How$mart program, will pay for energy efficiency upgrades upfront, and members will repay the loan on their utility bill with their energy savings. A resolution passed by the Benham Power Board formally recognizes community partners including Kentuckians For The Commonwealth, Appalshop and MACED.