Holland, MI—Holland Energy Fund, the nonprofit corporation supporting the City of Holland’s long-range Community Energy Plan, has reached the $1 million mark in loans to homeowners through the On-Bill Loan Program. Known as on-bill financing, the program provides residents with low, fixed-interest loans for energy efficiency upgrades that they repay through their Holland Board of Public Works electric bill.
The loan program is the first like it in Michigan. Aimed at reducing energy consumption and improving city neighborhoods, the program makes it easy for City of Holland homeowners to save money on their energy bills while improving the comfort, safety, health, and value of their homes. The On-Bill Loan Program began in November 2016.
“The fact that Holland Energy Fund so quickly lent out $1 million in loans to 70 homeowners means it is meeting a previously unmet community need,” said Mayor Nancy DeBoer. “It was a bold, far-sighted concept of our community leaders.”
State officials thought so, too. Holland Energy Fund was awarded Innovator of the Year in the 2017 Governor’s Energy Excellence Awards.
Holland Energy Fund achieved another milestone earlier this year when it received 501(c)3 status from the Internal Revenue Service in January. The ruling allows Holland Energy Fund to directly accept tax-deductible donations from individual and corporate donors and solicit grants.
“Receiving this positive determination from the IRS was an important step forward in funding the community’s long-term energy goals,” said Tim Vagle, city treasurer and president of Holland Energy Fund. “It allows Holland Energy Fund to pursue grants and other opportunities restricted to nonprofits with 501(c)3 status in order achieve the vision of the Community Energy Plan.”
In addition to the On-Bill Loan Program, Holland Energy Fund offers a 10 percent incentive on home energy upgrade projects costing $10,000 or more. Both programs are available to all City of Holland homeowners. Program participants receive guidance in determining and implementing an energy efficiency improvement plan from the city’s residential energy advisor, Ken Freestone.
Holland Energy Fund is committed to Holland becoming a thriving world-class, energy-efficient city, by enhancing its attractiveness to investors, businesses, and residents. Tax-deductible contributions from individual and corporate donors will allow more homeowners to benefit from the Home Energy Retrofit and On-Bill Loan Programs each year.
Information regarding Holland Energy Fund and its programs can be found at HollandEnergyFund.com.
About Holland Energy Fund
Holland Energy Fund is a nonprofit 501(c3) corporation that supports the City of Holland’s long-range Community Energy Plan. The goal is for the Holland, Michigan community to become a world-class leader in energy security, affordability, sustainability and efficiency. Holland Energy Fund administers two programs in partnership with the City of Holland, Holland Board of Public Works and Michigan Saves. More information can be found at HollandEnergyFund.com.