Enervee Launches Innovative “Eco Financing” Program to Help Consumers Purchase Energy-efficient Appliances

Enervee (www.enervee.com), the leading provider of online marketplaces for energy-efficient products, has announced the rollout of Eco Financing (www.ecofinancing.com), an innovative program to make it easy and affordable to purchase energy-efficient appliances.

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Eco Financing (www.ecofinancing.com) makes it easy and affordable to purchase energy-efficient appliances. (Graphic: Business Wire)

The program is launching in partnership with fintech lender One, the State of California, and Southern California Gas Company (SoCalGas). Enervee is also partnering with major retailers including Best Buy, which will provide end-to-end delivery, installation, and haul-away services.

With Eco Financing, online retail shoppers can buy energy-efficient appliances up to $5,000 with no money down, instant rebates and favorable loan terms, with no penalty for early repayment. The statewide Residential Energy Efficiency Loan (REEL) program enables One to provide Californians with longer loan terms and rates significantly lower than credit cards or other market-rate financing options. This results in low monthly payments: An energy-efficient appliance with a total cost of $1,000, for example, can be paid back with monthly installments of less than $25 while helping the borrower save on energy bills.

Eco Financing will initially be available to the 5.7 million residential customers of SoCalGas through the SoCalGas Marketplace. Access will expand within California through the REEL program and to other states later this year. Consumers can make purchases such as dishwashers, clothes washers/dryers, and kitchen ranges, as well as smart thermostats, with more categories to come.

Eco Financing marks the first microloan initiative of the REEL program, which is administered by the California Alternative Energy and Advanced Transportation Financing Authority (CAEATFA) housed within the State Treasurer’s Office. Since 2016, REEL has helped move California toward its ambitious climate goal of doubling energy savings by 2030. The program has facilitated $25 million in home energy efficiency improvements for Californians.

“It took close cooperation with the California State Treasurer’s Office, deep data integrations with One and national retailer Best Buy, and SoCalGas’s desire to better serve their customers to make Eco Financing a reality,” said Enervee CEO Matthias Kurwig. “The new Enervee commerce platform represents a major evolution from previous online stores provided by utilities.”