In this week’s Fund-It Fast Chat* SJVCEO dove into on-bill financing and how your pocketbook can benefit from the program.
Our team here at SJVCEO is guilty of playing the acronym game with many of the programs and financing opportunities that are open to customers. One such example is OBF…meaning on-bill financing. This funding mechanism is one that is very easy to understand and one we hope our customers ask to understand.
In laments terms OBF really means free money! There are no upfront costs to customers and an interest rate of 0%.
Now to dive into the technicalities. When a customer completes an energy efficiency project through their utility provider, they can option to use OBF. This means that the money amount loaned for the project will then be billed on your electricity bill each month. You may not event notice the payment amount on the bill as your amount will be equal to the amount of energy saved which creates a bill-neutral situation.
To take advantage of OBF customers follow a few rules:
1) You must complete at least 1 energy efficiency project with the loaned amount
2) Have an active utility account for 2 years
3) Not have any disconnection issues or notice of shut-off in 2 years
4) Have a good credit rating with no returned checks for 12 months
5) Not have any previous OBF defaults
If you have any questions or would like assistance on your energy efficiency projects, make sure to reach out to SJVCEO!
*Fund-It Fast Chat is a short 20-minute bi-monthly webinar hosted by SJVCEO to address items in the energy and sustainability arena. Please email firstname.lastname@example.org to subscribe to the webinars.