CUNA Strategic Services announced today a new program with LendKey and Conservation Services Group (CSG) to offer homeowners affordable loans for energy efficiency improvements that ultimately reduce their utility bills.
Residential energy efficiency upgrades is an approximately $40 billion per year industry, yet many homeowners remain unaware of the financing incentives available to them. Most upgrades are for HVAC (an $18 billion industry alone), which many local utility companies underwrite through incentive programs. The remainder is comprised of roofing ($12.5 billion), windows and doors ($9 billion) and home performance/solar ($2.9 billion).
Through the new program, homeowners can instantly apply for a loan using LendKey’s advanced technology and access local capital through CUNA Strategic Services’ nationwide network of 6,500 credit unions. Homeowners will work through programs implemented by CSG, the country’s leading energy efficiency expert.
“Few credit union loan programs exist for homeowners who are interested in the significant cost savings and environmental benefits of energy efficient home upgrades,” said Wes Millar, senior vice president, CUNA Strategic Services. “Our alliance providers have enabled credit unions to meet this growing need through a technology enabled loan platform and services that helps homeowners throughout the home energy efficiency upgrade process.”
“Many homeowners are aware of the significant cost benefits of upgrading their homes with energy efficient systems. However, upfront costs remain a major barrier for many consumers,” said Vince Passione, CEO and founder of LendKey. “This new program is an attractive and accessible option for homeowners to make the desired energy efficiency upgrades and start realizing significant cost savings on their monthly utility bills.”
The alliance between CUNA Strategic Services, LendKey and CSG allows homeowners to become more energy efficient by streamlining the energy upgrade process every step of the way. Benefits of the loan program for homeowners include:
- Access to unsecured loans between $2,000 and $25,000
- Fully paperless application and document gathering that makes loan processing faster and easier
- Loan terms between 7 – 10 years
- A consistent low rate, which can be optionally “bought down” by utilities that participate in the innovative program as part of their statewide energy efficiency effort managed by CSG
- Home energy savings up to 30%
- Home improvement projects include heating and air conditioning equipment, insulation upgrades and other energy saving upgrades
- For more information, visit cunastrategicservices.com/LendKey.
About CUNA Strategic Services
CUNA Strategic Services Inc., owned jointly by Credit Union National Association (CUNA) and the state leagues, saved credit unions more than $34 million in 2013 through its alliance programs. It provides credit unions with access to quality products, services, and technologies delivered with a competitive advantage made possible through volume pricing and strategic program development.
LendKey is a cloud-based lending platform that provides the essential infrastructure for any party to efficiently, securely and profitably lend to anyone else. LendKey provides lending solutions to credit unions and banks nationwide enabling them to launch customized lending programs and build a portfolio leveraging LendKey’s marketing and operations services. Based in New York, LendKey has hundreds of lender clients with a combined loan portfolio of over $600 million and services more than 30,000 borrowers.
About Conservation Services Group
Conservation Services Group is the U.S. market leader in designing and implementing residential energy efficiency programs. Since its founding in 1984, the non-profit has improved the efficiency of more than 3.1 million homes nationwide. CSG works with utilities, state and federal agencies, housing authorities, communities, and others who want to reduce consumer energy use.