GE CitizenshipFinancial Backing for “Green” Home Remodeling
GE Money’s Home Improvement division works with contractors, manufacturers and Electric & Gas Industries Association (EGIA), a non-profit organization committed to advancing energy efficiency and renewable energy solutions, to support the installation of environmentally friendly home improvement products such as high efficiency windows, HVAC, siding, insulation, water heaters and solar products. Specifically, GE Money and EGIA have teamed together to deliver the GEOSmart branded financing program to utilities, state energy efficiency program sponsors and contractors nationwide.
With GEOSmart, EGIA administers energy efficiency programs on behalf of its utility partners and provides the turn-key GEOSmart financing solution to utilities and contractors that want to leverage available public benefit incentives in a convenient and efficient loan solution.
The GEOSmart energy efficient home improvement loan can save homeowners an average of $800 over the lifetime of a $10,000 home improvement loan, as well as provide a simplified process for homeowners to obtain these loans. By leveraging GEOSmart financing, utility companies are able to maximize the productivity of their home energy efficiency programs, attract broad customer participation and increase overall energy savings and environmental benefits.
Compared to competitors’ standard unsecured loans, a homeowner can save nearly $25 per month, or $4,500 over the lifetime of a $10,000 loan. This means that if a large utility used the GE Money solution while reducing a percentage of its customers’ energy consumption by 20 percent — for example, if only 0.6 percent of a four million customer utility — those customers would save over 540 million kWh over the lifetime of the 10-year loan and reduce CO2 emissions by over 360,000 tons. That is equivalent to the CO2 absorbed by nearly 10,000 acres of a southeastern U.S. forest over those 10 years.
To receive ecomagination classification, a GE product must improve the customer’s operating performance, and significantly and measurably improve environmental performance. The rigorous review process includes detailed data analysis and performance audits conducted by GE ecomagination officers and GreenOrder, a third-party sustainability strategy and marketing firm. GE Money’s financing program supports homeowners in reducing their energy usage in the home through energy efficient products and home improvements.
GE’s ecomagination initiative puts into practice the our belief that financial and environmental performance can work together to drive company growth, while taking on some of the world's biggest challenges. GE has made a commitment to products and services that are as economically advantageous as they are ecologically sound.