KETTERING, Ohio - (Business Wire) GE Money
’s Sales Finance unit today announced ecomagination certification for its home improvement financing program when used in conjunction with public benefit-funded energy efficiency programs or by contractors that provide energy efficient remodeling solutions.
“Homeowners are seeking ways to make energy efficient improvements that reduce maintenance and operating costs and add value,” said Bruce Christensen, vice president and general manager, Home Improvement Industry, GE Money – Sales Finance. “Our financing program makes green remodeling more affordable and streamlines the process to maximize and implement savings.”
GE Money’s Home Improvement division works with contractors, manufacturers, and the non-profit Electric & Gas Industries Association (EGIA), an organization committed to advancing energy efficiency and renewable energy solutions, to support the installation of eco-friendly home improvement products including: high efficiency windows, HVAC, siding, insulation, water heaters and solar products. Specifically, EGIA and GE Money have teamed together to deliver the GEOSmart branded financing program to utilities, state energy efficiency program sponsors and contractors nationwide. 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 -- reducing CO2 emissions by over 360,000 tons. That’s equivalent to the CO2 absorbed by nearly 10,000 acres of a Southeastern U.S. forest over those 10 years.
To receive ecomagination certification, a GE product must improve the customer’s operating performance and significantly and measurably improve environmental performance. The rigorous certification process includes detailed data analysis and performance audits conducted by GE ecomagination officers and GreenOrder, a 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 puts into practice the company’s 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.
“GEOSmart energy efficient home improvement loan products give homeowners one of the most affordable and accessible ways to finance upgrades for the environmental performance of their homes,” said Christensen. “Simply put, the program translates into greater energy efficiency purchasing power for the consumer.”
About GE Money
With more than $190 billion in assets, GE Money, a unit of General Electric Company (NYSE:GE), is a leading provider of credit services to consumers, retailers and auto dealers in more than 55 countries around the world. GE Money, based in Stamford, Conn., offers a range of financial products, including private label credit cards, personal loans, bank cards, auto loans and leases, mortgages, corporate travel and purchasing cards, debt consolidation and home equity loans, and credit insurance. More information can be found at www.gemoney.com. GE Money’s Sales Finance unit, based in Kettering, Ohio, provides private label credit card programs, marketing, installment lending and financial services for national and regional retailers, dealers, manufacturers and service providers in more than 20 industries including: home improvement, outdoor power equipment, sporting goods, powersports, automotive, recreational vehicles, consumer electronics and appliances, furniture, floor covering, marine, music, jewelry, and health care.
GE is Imagination at Work -- a diversified technology, media and financial services company focused on solving some of the world’s toughest problems. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and advanced materials, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit www.ge.com.
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GE Money
Cristy Williams, 678-518-2596
cristy.williams@ge.com
