Holland crossed a milestone this week when the 100th homeowner was funded for a “home energy retrofit’ that will improve the comfort, safety, health, and value of the home. The loan funds came from Holland Energy Fund, the 501(c)3 nonprofit corporation supporting the City of Holland’s bold long-range Community Energy Plan.
The On-Bill Loan Program provides city residents low, fixed-interest loans for energy efficiency upgrades that they repay through their Holland Board of Public Works electric bill.
Launched November 2016, Holland was the first city in Michigan to develop an on-bill loan program. Access to financing makes it easier for City of Holland homeowners to save money on their energy bills.
“The fact that one hundred homeowners have utilized the On-Bill Loan Program means Holland residents find value in upgrading the energy efficiency of their homes and like the convenience of paying for the loan on their electric bill,” said Mayor Nancy DeBoer. “It’s meeting a community need.”
In addition to the On-Bill Loan Program, Holland Energy Fund offers a 10 percent rebate 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.
“With $1.5 million in loans, projects are averaging $15,000,” said Tim Vagle, president of Holland Energy Fund and city treasurer. “The combination of the incentive and the availability of on-bill financing is allowing homeowners to do more comprehensive projects, in addition to basic insulation, as called for in the Community Energy Plan.”
Fully implemented, the multi-faceted energy plan will cut Holland’s carbon footprint per capita in half by 2050.
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.