NCEF Launches Program to Reduce Home Energy Costs, Support Jobs
The Residential Energy Upgrade Program (RE-UP) offers financing and technical assistance to Nevadans for energy improvements performed by vetted contractors.
RENO, Nev. – The Nevada Clean Energy Fund (NCEF) is excited to launch its inaugural financing program, the Residential Energy Upgrade Program (RE-UP). RE-UP supports Nevada homeowners and contractors with affordable financing and technical assistance for measures that reduce energy costs.
RE-UP provides homeowners with low-interest, unsecured loans for eligible upgrades such as heating, ventilation, air conditioning, and refrigeration (HVAC-R), roofing, solar PV, and other clean energy measures. The program is designed to increase access to financing for low-income or credit-challenged households by considering factors other than credit score when assessing a homeowner’s eligibility for a loan. RE-UP also provides tools and resources to support homeowners in accessing federal and utility incentives to stack with their loan and generate additional savings. RE-UP includes a network of contractors vetted by NCEF who implement the upgrades.
“RE-UP addresses a critical gap in Nevada by giving residents a trusted financial and technical resource to turn to for home energy upgrades,” said Kirsten Stasio, CEO of the Nevada Clean Energy Fund. “RE-UP will make great strides towards achieving NCEF’s mission of supporting a thriving, affordable, and accessible clean energy economy in Nevada.
The program builds on successful models implemented by similar nonprofits in other states called green banks that provide accessible financing to credit-challenged households. NCEF is implementing RE-UP in partnership with the Solar and Energy Loan Fund (SELF), a nonprofit national leader in green financing and energy equity. Since 2010, SELF has financed over 3,000 sustainable and climate-resilient property improvements, created over $40 million of green economic development activity, and leveraged over $100 million in project costs for affordable housing construction.
“SELF is committed to ensuring that low-income, underserved communities across the country reap the full benefits of the transition to a clean energy economy,” said Duanne Andrade, Executive Director of SELF. “We are eager to share our decade of experience in inclusive lending to help NCEF reach low-credit and low-to-moderate income households in Nevada.”
RE-UP is designed to help local contractors grow their businesses. Members of the RE-UP vetted contractor network can increase the competitiveness of their quotes and decrease financing costs for residents thanks to RE-UP’s affordable interest rates and lack of loan dealer fees. RE-UP also offers client management support, no-hassle payment, and the reputational benefit of belonging to a group of vetted, high-integrity businesses. With RE-UP financing, contractors can increase their project pipeline, including among credit-challenged households. Contractors may apply to join the RE-UP network at the following link: nevadacef.org/contractors.
“We’re excited to about a new way to enable financing for our clients, said Travis Miller, owner of Great Basin Solar LLC, a member of RE-UP’s vetted contractor network. “It’s a shame if a project can’t happen because a customer’s credit history isn’t strong enough for a typical loan. RE-UP can provide a path forward for those homeowners to get solar installed with fair and transparent terms.“
“RE-UP is a much-needed resource for customers and small contractor businesses,” said Marcus House, owner of HouseCo Builders, another member of RE-UP’s vetted contractor network. “Many homes in southern Nevada, particularly those in underserved communities, are in dire need of upgrades to bring down increasingly burdensome utility costs and provide older homes with proper weatherization and energy efficiency benefits.“
Low-income Nevadans spend over a fifth of their income on energy, forcing many households to sacrifice spending on food and medicine to keep their homes cool. Households that historically are unable to access financing may miss out on opportunities to implement cost-saving measures and take advantage of complementary rebates and incentives. RE-UP empowers these Nevada homeowners through affordable, unsecured loans for measures that reduce energy costs and create healthier living environments. Homeowners can learn more about RE-UP eligibility and participation at the following link: nevadacef.org/residents.
For media inquiries or additional information about the Nevada Clean Energy Fund and its mission, please contact [email protected].
About the Nevada Clean Energy Fund:
NCEF is a nonprofit organization that supports a thriving, affordable, and accessible clean energy economy by providing financial and technical resources to Nevadans. NCEF was established by state legislation in 2017 as the state’s green bank. More information about NCEF is available at nevadacef.org.
About the Solar and Energy Loan Fund:The Solar and Energy Loan Fund (SELF) is a nonprofit green bank & CDFI that finances sustainable property improvements. Through innovative and equitable financing solutions, SELF empowers homeowners, contractors, landlords, and affordable housing developers to implement energy-efficient, climate-resilient, and renewable energy projects, ultimately reducing carbon emissions and creating green jobs and a more equitable and sustainable future. For more information, visit https://solarenergyloanfund.org/.