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.
©2008 General Electric Company, All rights
reserved.
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