[Last Updated: 9/23/2020 12:21:33 PM]
Contact: Kelli Schroeder, Manager of HR & Communications, 231-932-4545, firstname.lastname@example.org
USDA AWARDS $1.8 MILLION LOAN
TO SUPPORT TCL&P’S ON-BILL FINANCING PROGRAM
Traverse City, MI – First of its kind in the nation, Traverse City Light & Power launches its On-Bill Financing Program with help from the United States Department of Agriculture (USDA) Rural Energy Savings Program (RESP).
During a virtual press conference, Rural Utilities Service Administrator Chad Rupe and USDA Rural Development Director for Michigan Jason Allen awarded TCL&P a $1.8 million loan to support the utility’s on-bill program that will assist the utility in creating a new financing opportunity for residential customers to make energy efficiency and/or renewable energy improvements.
“We’re proud to offer TCL&P residential customers an on-bill option to finance energy efficiency and renewable energy improvements to their homes” said John Taylor, TCL&P Board Chair. “As the first municipal utility in the nation to leverage USDA funding to offer residents simple low-cost access to capital, this is a big win for our residents. Improving your home's energy efficiency is the most cost-effective way to reduce emissions, while improving comfort and increasing the value of your home."
Loan amounts range anywhere from $5,000 to $30,000 with a fixed interest rate of 3% for up to 10 years. Homeowners repay the loan as part of their monthly utility bill.
“Besides the low fixed interest rate, the program provides convenience to encourage customers to make improvements,” said TCL&P Executive Director, Tim Arends. “The primary benefit, however, will be the energy savings.”
To listen to the press conference click HERE.
To learn more about the On-Bill Financing Program visit https://www.tclp.org/Page/OnBill or contact TCL&P at 231-922-4940.
Traverse City Light & Power (www.tclp.org) is a community-owned, community-focused municipal utility that offers reliable energy at low rates in the region to over 12,700 customers in Traverse City, and parts of East Bay, Elmwood, Garfield and Peninsula townships. Now offering TCLPfiber, an all-fiber, gigabit internet service.